98% broken Stock, now upper circuit, Investors flock to buy

Hello! If you are looking for a good stock, this article is just for you. Today, we will discuss a company that belongs to Anil Ambani, and it has been performing well for a long time. So let’s quickly learn about this company.

Reliance Communications, a telecom company, has recently shown a sudden surge in its share price after a long period of sluggishness. The share has been hitting upper circuits for the past two trading days. The share price of this company, which is going through an insolvency resolution process, is currently at Rs. 1.25. On Friday, the share closed with a 5% gain in value.

Company’s Quarterly Results

Friends, recently Reliance Communications released its quarterly results for the March quarter. This time, the company reported a net sales of ₹85 crores. In the same quarter last year, it had reported a net sales of ₹81 crores, showing a growth of 4.98%. However, the company incurred a net loss of ₹1,625 crores in this quarter. In the previous financial year of 2022, it had reported a net profit of ₹1,477 crores, witnessing a growth of 10.02%.

Although we have seen some positive movement in the stock in the past few days, there has been a significant decline in the long term. The stock has declined by 98% in the long term. In 2007, the share price had reached ₹760, but now it has plummeted to ₹1.

According to the performance of the Sensex, this stock has declined by 53% in two years, 51% in one year, and 45% in the past six months. It’s important to note that this is Anil Ambani’s company. Due to substantial debt in this telecom company, it is currently undergoing insolvency proceedings.

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