Torrent Power slips nearly 18% on disappointing Q4 earnings

The shares of Torrent Power nosedived nearly 18% on Thursday after the company's net profit for the quarter ended March 2016 went down by over 95%.

The stock tanked 17.58% to Rs 187.20 on the BSE. At the National Stock Exchange (NSE), shares of the company tumbled 17.64% to Rs 187.10.

The company's result came in the post market hours on Wednesday.

Torrent Power reported a net profit of Rs 17.06 crore for the quarter ended March 2016, down 95.38% compared to the year-ago period.

The company had posted a net profit of Rs 369.43 crore in the similar quarter of the previous year.

"Total income is Rs 2,513.7 crore for the quarter ended March 31, 2016 whereas the same was at Rs 2,694.63 crore for the quarter ended March 31, 2015," the company had said in a BSE filing.

Torrent Power posted a net profit of Rs 815.96 crore for 2015-16 as against Rs 742.06 crore for the previous fiscal.