Tata Tele Q1 net loss widens; AGR provision hurts

New Delhi: Tata Teleservices’ net loss for the June-ended quarter widened to Rs crore 1070 from Rs 874 crore posted in the previous quarter, on account of provision for statutory dues, pushing the company’s net worth to negative in the bygone quarter.

“The accumulated losses of the Company as of June 30, 2020 have exceeded its paid-up capital and reserves. The Company has incurred net loss for the quarter ended June 30, 2020 and the Company’s current liabilities exceeded its current assets as at that date,” Tata Teleservices said in its financial result released Wednesday.