Reliance Comm Q4 net plunges; misses forecast

NEW DELHI, INDIA: Reliance Communications , India's second-biggest mobile carrier by subscribers, reported a bigger-than-expected 86 per cent drop in quarterly profit, its seventh straight quarter of profit fall, as its heavy debt continued to weigh.

Reliance Comm, controlled by billionaire Anil Ambani, said consolidated net profit fell to 1.7 billion rupees for its fiscal fourth quarter ended March, from 12.2 billion rupees reported a year earlier.

A Reuters poll of 10 brokerages had on average expected net profit of 3.10 billion rupees for the Mumbai-based firm that had about 139 million mobile subscribers at end-April