Shares of BHEL today tumbled about 13% after the organization’s standalone net profit declined by 57% in the March quarter.
After making a weak opening, shares of the organization plunged 12.81% to Rs. 133.65 on BSE.
At NSE, the stock dived 12.87% to Rs. 133.60.
On the volume front, 21.44 lakh shares of the organization were traded on BSE and more than one crore shares changed hands at NSE amid the morning session.
State-run BHEL’s standalone net profit declined by 57% to Rs. 215.55 crore in the fourth quarter ended March because of lower income and provisions for higher wages.
The organization had posted a standalone net profit of Rs. 505.71 crore in the corresponding quarter of previous fiscal, BHEL said in a BSE recording yesterday.
As per the announcement, total standalone income decreased to Rs. 10,302.79 crore in the quarter under review from Rs. 10,870.49 crore year back.