Mumbai: Steel major SAIL in the early trade on Friday touched its yearly-low when it declined by 6% to Rs162.50 a share on Bombay Stock Exchange (BSE) on poor third quarter results.
Hit by rising raw material costs, the company posted 33.9% dip in its net profit at Rs1,107.47 crore for the quarter ended 31 December, 2010, against Rs1,675.55 crore in the same quarter last fiscal.
Reacting sharply to the poor numbers, SAIL stock opened on a disappointing note and plunged by 6% to Rs162.50 a share in the early trade on Bombay Stock Exchange.
Massive sell-off was also seen at the company’s counter on the National Stock Exchange (NSE) where it tumbled by 5.39% to Rs163 a share.
On the volume front, over 30 lakh shares of the company were traded within the first half-an-hour of trade.
Meanwhile, BSE’s 30-share key index Sensex was trading 116.25 points down at 19,066.57 points at 09:47 am.