Pipavav Defence stock tumbles nearly 10% intraday on weak Q3 results

WRITTEN BY Agencies | Updated: Jan 18, 2016, 01:53 PM IST

Pipavav Defence's net loss in the third quarter of the current fiscal widened to Rs 293.60 crore due to a sharp decline in the income from operations.

At 1311 hours, the shares of Pipavav Defence were trading down 8.35% or Rs 6.65 at Rs 73.00 per scrip intraday on the BSE.

Shares of Pipavav Defence tumbled nearly 10% intraday on Monday as the company's net loss widened during the quarter ended on December 31, 2015.

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While the stock plunged 9.98% to Rs 71.70 at the BSE, on NSE, the company's stock fell sharply by 10.38% to Rs 71.65.

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Pipavav Defence's net loss in the third quarter (Q3) of the current fiscal widened to Rs 293.60 crore due to a sharp decline in the income from operations. The company had reported the net loss of Rs 70.46 crore for the same period of last fiscal. The results were announced post market hours on Friday.

The net income from operations of the company during the October-December quarter of 2015 declined to Rs 50.53 crore from Rs 252.02 crore in the year-ago period, Pipavav Defence and Offshore Engineering had said in a regulatory filing.