Mumbai: Shares of Jindal Steel and Power Ltd (JSPL) on Friday fell by over 4% as the company’s consolidated net profit fell by nearly 35% for the quarter ended March.
After making a weak opening, shares of the company further lost 4.29% to Rs.314.70 on BSE. On the National Stock Exchange, the scrip fell 4.77% to a low of Rs.313.50.
Hit by rising interest burden and lower sales realizations, Jindal Steel’s consolidated net profit fell by nearly 35% to Rs.760.27 crore for the quarter ended March 2013.
The company had reported a net profit of Rs.1,167 crore in same quarter of previous fiscal. Net sales during the fourth quarter of 2012-13 reported growth of 2.16% at Rs.5,583.33 crore.