Shares of Power Finance Corp (PFC) today declined by nearly 10 per cent after the company reported a standalone net loss of Rs 3,409.49 crore in the quarter ended March 31. The stock fell 9.77 per cent to Rs 122.25 on BSE. At NSE, shares of the company slumped 9.81 per cent to Rs 122.20. State-run Power Finance Corp yesterday reported a standalone net loss of Rs 3,409.49 crore for the January-March quarter due to lower interest income and provisions for bad loans.
The company had posted a net profit of Rs 1,259.65 crore in the corresponding quarter of previous fiscal, PFC said in a regulatory filing. The PSU also said the board of directors in its meeting decided not to recommend any final dividend for 2016-17 to be declared by the shareholders in the annual general meeting. According to the statement, the company’s total standalone income was down at Rs 5,797.04 crore in the fourth quarter from Rs 6,786.99 crore a year ago.