Indus Towers tanks 5%, hits over 2-year low on reporting net loss in Q3

The loss in the books was a result of adoption of stringent accounting practices by the Company due to continued shortfall in collections from one of the major customers, the company said.

Shares of Indus Towers hit an over two-year low of Rs 162.80 as they slipped 5 per cent on the BSE in Wednesday’s intra-day trade after the company posted a net loss of Rs 708 crore in the third quarter (October-December) of financial year (Q3FY23), mainly due to provision for doubtful debt of Rs 2,201 crore and exceptional charge of Rs 493 crore.

The company had made a net profit of Rs 872 crore in September quarter (Q2FY23).
The loss in the books was a result of adoption of