Coal India tumbles over 3% in early trade
The company posted a massive 77% fall in its consolidated net profit at Rs 600 crore for the July-September quarter, hit by drop in sales and higher expenses.
Shares of Coal India plunged over 3% in early trade on Wednesday after the company reported a steep fall in its net profit for the second quarter ended September 30. The stock opened at Rs 296 and then dived 3.43% to touch an early low of Rs 295.25 on BSE. A similar movement was seen on NSE, where it opened at Rs 297 and slipped 3.49%.
On Tuesday, the state-owned company posted a massive 77% fall in its consolidated net profit at Rs 600 crore for the July-September quarter, hit by drop in sales and higher expenses. The PSU major had posted a consolidated net profit of Rs 2,654 crore in the corresponding period of the previous fiscal.
The benchmark Sensex was trading at 26,677.38, down 0.08%, from its previous close.