Folgore had attacked before receiving Cocchia’s order, and at 00.47 fired three torpedoes to port at Aurora at a range underestimated at 1,500 yards (1375 m), and then turned away. Sirius caught a freighter in one of her searchlights and at 00.50 Folgore turned tightly to port and fired her last three torpedoes at the searchlight. The torpedoes missed, but two hits were claimed by mistake. Folgore made to the south-west at 27 kt, but at 00.52 was hit by nine 5.25-in (133-mm) shells from Argonaut: these caused severe flooding and a large fire. Folgore listed by 20° and capsized at 01.16. When the British attack began, Procione tangled her paravane and failed to sight Sirius until the range had closed to 2,000 yards (1830 m) on the starboard side, and opened fire at 00.53. The shells killed the forward gun crew and the captain took evasive action then headed toward the south-west. Clio began to make smoke, firing at searchlights and gun flashes, and da Recco tried to make a torpedo attack.

At 00.55 Quiberon broke formation to attack Clio, was bracketed by return fire. Sirius and Argonaut were engaging Puccini, and at 00.58 Argonaut launched a torpedo at Puccini then soon after this another torpedo to port at Aventino, which was on fire. At 01.12 Sirius also launched a torpedo at Aventino, which exploded and sank. At 01.16 Quiberon steamed through water full of survivors and attacked Puccini, and at 01.12 Quentin followed Quiberon, the fire of both the British destroyers setting Puccini on fire. Meanwhile Aurora was engaging Aspromonte, which started to sink. The British cruisers changed target to Clio, but after five minutes Clio escaped without damage. da Recco had approached to within 4,500 yards (4115 m) of Force 'Q' by 01.30 and launched torpedoes, all of which missed. Shell hits from Sirius, Quiberon and Quentin killed 118 members of the Italian destroyers' crew when there was an explosion in her forward 120-mm (4.72-in) ammunition handling room, and left da Recco stopped in the water, eventually to be towed to port by Pigafetta. The British ships completed their circuit round the Italian ships and set course for Bône.

Force 'Q' was attacked by Luftwaffe torpedo bombers at 06.30 on 3 December, sinking Quentin, probably with a torpedo or possible a 1,102-lb (500-kg) bomb, and damaging Quiberon.

The British ships also sank all three of the merchant vessels.

Some 200 men of the Italian navy and merchant marine had been killed, and 1,527 troops embarked on Aventino and Puccini had also lost their lives. The crew of Folgore suffered 126 casualties, that of da Recco 118, that of Aspromonte 39 and that of Procione three.

The Battle of the Skerki Bank battle was over, and was otherwise notable for the fact that Sirius emerged totally unscathed despite the fact that Camicia Nera engaged her a ranges as short as 2,190 yards (2000 m), evaded several torpedoes and was strongly involved in the sinking of several of the Axis ships.

As the British ships broke away from the destroyed Italian convoy, they came under level and torpedo bombing attack off Galita by Savoia-Marchetti bombers, which scored no hits but lost four of their own number when they came under attack from Supermarine Spitfire fighters, of which one was lost. German Junkers Ju 88 bombers also intervened, and Quentin was sunk by a 1,102-lb (500-kg) bomb or perhaps a torpedo from one of these machines.

The Italian submarines Asteria, Dandolo, Giada and Nichelio were on patrol in the area, but made no contact.

Force 'Q' had thus sunk 7,800 tons of shipping during the course of a wholly one-sided engagement for no damage but the impact of splinters to their own ships. Just after dawn, however, as Force 'Q' was on its passage back to Bône, Quentin was sunk by a torpedo bomber. The Battle of the Skerki Bank was a major Italian defeat, in which a large escort force had failed to prevent the four supply ships from being sunk. The minor damage inflicted by the Italian ships on their opponents stood in stark contrast, despite the convoy escorts managing launch so many torpedoes at such close range. The convoy had been attacked while disorganised and could not achieve anything in the way of a co-ordinated response. After more than two years of war, the Italian navy was still incapable of the accurate aiming of torpedoes at night, partly because the service had accepted claims of torpedo hits uncritically, which obscured the significance of the failing.

At 16.00 on 1 December, the 14^th Destroyer Flotilla of Force 'K', comprising Jervis, Javelin, Nubian and Kelvin, departed Malta, untroubled by Axis aircraft, to attack the 'C' convoy, which comprised the merchant ships Veloce and Chisone as they passaged toward Tripoli, escorted by the torpedo boats Ardente, Aretusa and Lupo. Near the Kerkenah Banks, Fairey Albacore aircraft of the Fleet Air Arm torpedoed Veloce, which was carrying benzene and caught fire, burning brightly. Force 'K' sailed toward the illumination as Lupo prepared to take on survivors, and the rest of the convoy hugged the coast. Jervis illuminated Lupo with a searchlight and opened fire at a range of 2,000 yards (1850 m), surprising the Italian torpedo boat and destroying her bridge. The rest of the flotilla now entered the fray and Lupo was unable to reply, all but 12 of her crew being killed as the vessel sank; the blazing Veloce sank a few minutes after Lupo. The rest of the convoy stole away into the shallow water of the Kerkenah Banks.