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BHEL shares plunge 13% on weak Q4 earnings

LiveMint logoLiveMint 30-05-2017 PTI

New Delhi: Shares of Bharat Heavy Electricals Limited (BHEL) on Tuesday tumbled nearly 13% after the company’s standalone net profit declined by 57% in the March quarter. After making a weak opening, shares of the company plunged 12.81% to Rs133.65 on BSE. At NSE, the stock dived 12.87% to Rs133.60.

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% to Rs215.55 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 Rs505.71 crore in the corresponding quarter of previous fiscal, BHEL said in a BSE filing yesterday. According to the statement, total standalone income decreased to Rs10,302.79 crore in the quarter under review from Rs10,870.49 crore year ago.

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