Mumbai: Shares of Jindal Steel and Power Ltd (JSPL) fell by 3.35% on Tuesday after the company reported nearly 13% decline in consolidated net profit for the quarter ended 31 December.
After falling nearly 4% during the day, shares of the company finally ended at Rs.392.45 on the BSE. On the National Stock Exchange, the scrip ended at Rs.392, down 3.39% from its previous close.
The scrip was the biggest loser on both Sensex and Nifty.
“Jindal Steel dipped over 3% on the back of reporting below-expected results,” said Nagzi K Rita, chairman and managing director, Inventure Growth and Securities.
JSPL has reported a 13% decline in consolidated net profit, at Rs.867.27 crore, for the October-December quarter, FY’13, as the company was hit by higher interest burden and decline in revenues from the power sales. The Naveen Jindal-led steel maker had reported net profit of Rs.996.68 crore in the corresponding period of 2011-12 financial year.
Its net sales, however, were up 7.55% at Rs.4,683.91 crore during the quarter, as compared with Rs.4,354.51 crore of the October-December period of FY’12, JSPL said in a filing to the BSE.
In the broader market, the BSE 30-stock index, Sensex, closed at 19,561.04, up 0.52%, or 100.47 points.