Tata Power nosedives over 5% ahead of earnings

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SummaryThe company shares were down by 5.29 per cent at Rs 90.45 at close on BSE.

Shares of Tata Power tumbled to close 5 per cent lower on BSE today ahead of its quarterly results announcement later in the day.

The company shares were down by 5.29 per cent at Rs 90.45 at close on BSE. Intra-day, it was down by 5.75 per cent at Rs 90.

On NSE, the stock ended 5.33 per cent lower at Rs 90.55.

The company saw its market value eroding by Rs 1,198 crore to Rs 21,464 crore.

Analysts said profit-booking dragged down the company's shares ahead of the earning announcement.

The counter was the worst performer among the Sensex stocks on both BSE and NSE.

On the volume front, 8.76 lakh shares of the company were traded on BSE, while over 49 lakh shares changed hands on the NSE.

In the broader market, the BSE benchmark Sensex ended the day 156.85 points lower at 16,026.41.

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