Adani Enterprises' shares dip over 6% as Q2 net profit plunges

Shares of Adani Enterprises (AEL), on Tuesday, plummeted by over 6 % after the company reported a steep 79 % drop in consolidated net profit for the quarter ended September 2016.

The stock dropped 6.37 % to Rs 66.80 on BSE. On NSE, shares of the company declined by 5.95 % to Rs 67.15. Adani Enterprises (AEL), on Monday, reported a sharp 79 % plunge in consolidated net profit at Rs 63 crore for the quarter to September 2016. The firm led by billionaire Gautam Adani had clocked a net profit of Rs 299 crore in the year-ago period, it had said in a BSE filing.

Total consolidated income of the company fell 16 % to Rs 7,594 crore in the July-September quarter this fiscal, from Rs 9,075 crore during the same quarter in 2015-16. The company's total expenses were lower at Rs 7,287 crore during the period under review, from the earlier Rs 8,898 crore.