Coal India shares fall over 4% on decline in Q2 profits1 min read . Updated: 14 Dec 2016, 04:12 PM IST
On BSE, the Coal India shares closed down 4.42% at Rs292.25 against the previous session's closing at Rs305.75
New Delhi: Shares of Coal India plunged over 4% in early trade on Wednesday after the company reported a steep fall in its net profit for the second quarter ended 30 September.
The stock opened at Rs296 and then dived 3.43 % to touch an early low of Rs295.25 on BSE. A similar movement was seen on NSE, where it opened at Rs297 and slipped 3.49% during the day.
At the time of closing, the coal India shares closed down 4.42% at ₹ 92.25 against the previous session’s closing at ₹ 05.75. The scrip fluctuated between ₹ 298.85 and ₹ 91.20 during the day after opening at ₹ 96. On NSE too, the scrip closed 4.43% down at ₹ 92.40.
On Tuesday, the state-owned company posted a massive 77% fall in its consolidated net profit at Rs600 crore for the July-September quarter, hit by drop in sales and higher expenses. The PSU major had posted a consolidated net profit of Rs2,654 crore in the corresponding period of the previous fiscal.
The 30-share BSE Sensex on Wednesday closed down 94.98 points, or 0.36%, to 26,602.84, while the Nifty 50 of the National Stock Exchange (NSE) fell 39.35 points, or 0.48%, to 8,182.45