BHEL shares dive nearly 9%; mcap drops Rs 3,255 cr

Shares of BHEL today plunged

nearly 9 per cent, wiping off Rs 3,255 crore from its market

valuation, after the company posted a sharp 57 per cent fall

in standalone net profit for the March quarter.

The stock ended the day with a loss of 8.68 per cent at

Rs 140 on the BSE. During the day, it tanked 12.81 per cent to

Rs 133.65.

On the NSE, shares of the company plummeted 8.44 per cent

to close at Rs 140.40.

Led by the sharp fall in the stock price, the company's

market valuation declined by Rs 3,254.6 crore to Rs 34,266.40

crore.

On the volume front, 36.13 lakh shares of the company

were traded on the BSE and over 2 crore shares changed hands

on the NSE during the day.

State-run BHEL's standalone net profit declined by 57 per

cent to Rs 215.55 crore in the fourth quarter due to lower

income and provisions for higher wages.

The company had posted a standalone net profit of Rs

505.71 crore in the corresponding quarter of the previous

fiscal, BHEL said in a BSE filing yesterday.

Total standalone income decreased to Rs 10,302.79 crore

in the quarter under review from Rs 10,870.49 crore a year

ago.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)