BHEL shares plunge nearly 9% on weak Q4 earnings1 min read . Updated: 30 May 2017, 03:49 PM IST
BHEL shares closed down 8.68% after the standalone net profit declined by 57% in the fourth quarter
New Delhi: Shares of Bharat Heavy Electricals Limited (BHEL) on Tuesday tumbled nearly 13% in the intraday trading after the company’s standalone net profit declined by 57% in the March quarter. After making a weak opening, shares of the company plunged 12.81% to Rs133.65 on BSE. At NSE, the stock dived 12.87% to Rs133.60.
The BHEL scrip, however, pared some of the losses and closed down 8.68% at Rs140 on BSE.
On the volume front, 21.44 lakh shares of the company were traded on BSE and over one crore shares changed hands at NSE during the morning session. State-run BHEL’s standalone net profit declined by 57% to Rs215.55 crore in the fourth quarter ended March due to lower income and provisions for higher wages.
The company had posted a standalone net profit of Rs505.71 crore in the corresponding quarter of previous fiscal, BHEL said in a BSE filing yesterday. According to the statement, total standalone income decreased to Rs10,302.79 crore in the quarter under review from Rs10,870.49 crore year ago.