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GAIL shares down nearly 7% as net profit drops

The stock was the top loser among the 30-Sensex constituents.

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Shares of state-owned gas utility GAIL India Ltd today fell by nearly 7% after the company posted a massive 64% drop in December quarter net profit.

GAIL India's scrip tumbled 6.58% to Rs 392.30 at the BSE.

The stock was the top loser among the 30-Sensex constituents.

On the NSE, it was down 6.79% to Rs 391.

GAIL India Ltd had on Friday posted a massive 64% drop in its December quarter net profit as it could not sell imported gas contracted at higher price.

Net profit in October-December at Rs 604.08 crore was 64 per cent lower compared to Rs 1,679.4 crore in the same period a year ago, the company had said in a statement.

The profit was impacted by "lower off take of long-term contracted LNG by power and fertiliser plants," it had said.

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