BHEL shares tank 13% after company's net profit falls 57% in Jan-March

After making a weak opening, shares of the company plunged 12.81 percent to Rs 133.65 on BSE.

|May 30, 2017, 13:28:11 IST

New Delhi: Shares of BHEL today tumbled nearly 13 percent after the company's standalone net profit declined by 57 percent in the March quarter.[caption id="attachment_3027492" align="alignleft" width="380"] Reuters[/caption]After making a weak opening, shares of the company plunged 12.81 percent to Rs 133.65 on BSE.At NSE, the stock dived 12.87 percent to Rs 133.60.On the volume front, 21.44 lakh shares of the company were traded on BSE and over one crore shares changed hands at NSE during the morning session.State-run BHEL's standalone net profit declined by 57 percent to Rs 215.55 crore in the fourth quarter ended March 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 previous fiscal, BHEL said in a BSE filing yesterday.According to the statement, total standalone income decreased to Rs 10,302.79 crore in the quarter under review from Rs 10,870.49 crore year ago.

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