Mumbai, May 29: Reliance Communications (R-Com), the Anil Ambani group company, plans to monetise its real estate properties in New Delhi and Navi Mumbai even as it looks to refinance its debt.

R-Com has suffered a net loss of Rs 966 crore for the quarter ended March 31, 2017 compared with a loss of Rs 531 crore in the preceding quarter and a profit of Rs 89.7 crore in the corresponding period a year ago.

The total revenue of the company declined 8.1 per cent on a sequential basis to Rs 4,524 crore during the quarter.

The company also suffered a net loss of Rs 1,285 crore for 2016-17 against a net profit of Rs 660 crore in the previous year because of a drop in revenues, decline in margins and an increase in interest costs.

R-Com's net debt for the year ended March 31, 2017, stood at Rs 44,345 crore.

Worries over its debt led to the R-Com scrip losing almost 21 per cent on the BSE today. During the day, the scrip dived 23.64 per cent to a 52-week low of Rs 19.70, before closing at Rs 20.50, lower by Rs 5.30, or 20.54 per cent.

On the NSE, shares of the company plummeted 20.38 per cent to Rs 20.50. The company's market valuation also declined by Rs 1,318.59 crore to Rs 5,102.41 crore.

R-Com, which has been taking various steps to bring down its debt, said in a quarterly report on the financials that it would further deleverage through the monetisation of prime properties in New Delhi and Navi Mumbai.

Speaking to analysts at a conference call, the senior management said that while the asset in the capital would be sold first, the sale of the Navi Mumbai property would take around two years.

R-Com is currently valuing the New Delhi property and its assets.

The senior management also revealed that it was in talks with lenders to refinance the scheduled installments due till September 30.

According to R-Com, the proposed consolidation of its wireless business with Aircel will place the merged wireless entity among the top three operators in 12 important circles. As part of this transaction, R-Com's overall debt will reduce by Rs 14,000 crore, together with the transfer of liability for spectrum installments of an additional amount of Rs 6,000 crore.

R-Com will also receive an upfront cash payment of Rs 11,000 crore from the sale of tower infrastructure to Brookfield which will be fully utilised to cut debt.

"Upon completion of the Aircel merger and sale of the tower business, R-Com's debt will be reduced by around Rs 25,000 crore and the company will hold highly valuable strategic stakes of 50 per cent in the Aircel JV and 49 per cent future economic upside in the tower business, providing future monetisation opportunities for significant further deleveraging," it added.