Shares of Jindal Steel and Power (JSPL) recovered in the afternoon trade after opening around 6 per cent lower than its previous close. At 1.52 pm, the share price of the company was trading 3.14 per cent higher at Rs 71.60.
It opened at Rs 64.50 and had touched a high and low of Rs 71.30 and 62.40, in trade so far.
The stock hit nearly nine-year low of Rs 62.40 in intra-day trade, its lowest level since November 2006 on the BSE after the company was excluded from the MSCI India index.
The share price of the company has declined over 75 per cent in the past one year till August 13. It plunged to Rs 68.45 on August 13, 2015 from Rs 274.45 on the same day a year ago.
JSPL on August 12 reported a consolidated net loss of Rs 339.26 crore for the April-June quarter owing to higher depreciation and finance costs. The Naveen Jindal-led firm had posted a net profit of Rs 418.13 crore in the year-ago period, it said in a BSE filing. Consolidated total income of the company declined to Rs 4,426.32 crore in the quarter under review from Rs 4,687.33 crore in the same period a year ago, it added.