SAIL shares tank 6% after Q3 earnings
New Delhi: Shares of Steel authority of India Limited (Sail) tumbled 6% on Friday after the company reported a standalone net loss of Rs794.8 crore for the third quarter ended 31 December 2016.
The stock tanked 5.99% to end at Rs61.95 on BSE. During the day, it plunged 6.60% to Rs61.55. On NSE, it lost 6% to settle at Rs61.90. Even though the company’s net loss narrowed in the quarter ended December, it failed to lift investors sentiment.
On the volume front, 14.36 lakh shares of the company were traded on BSE and over one crore shares changed hands at NSE during the day.
India’s largest steelmaker Sail’s standalone net loss narrowed to Rs794.8 crore for the quarter ended 31 December 2016, helped by higher gross sales.
The company’s standalone net loss in the corresponding quarter of previous fiscal stood at Rs1,481 crore, Steel Authority of India Ltd (Sail) said in a BSE filing on Thursday.
Sail’s gross sales on standalone basis in the October-December quarter was at Rs12,490 crore, registering an increase of 25.8% from year-ago period.