SAIL shares tank 6 per cent post Q3 earnings

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New Delhi | February 10, 2017 6:31 PM

Shares of SAIL tumbled 6 per cent today after the company reported a standalone net loss of Rs 794.8 crore for the third quarter ended December 31, 2016.

sail-l-reuters-1India’s largest steelmaker SAIL’s standalone net loss narrowed to Rs 794.8 crore for the quarter ended December 31, 2016, helped by higher gross sales. (Reuters)

Shares of SAIL tumbled 6 per cent today after the company reported a standalone net loss of Rs 794.8 crore for the third quarter ended December 31, 2016. The stock tanked 5.99 per cent to end at Rs 61.95 on BSE. During the day, it plunged 6.60 per cent to Rs 61.55. On NSE, it lost 6 per cent to settle at Rs 61.90.

Even though the company’s net loss narrowed in the quarter ended December, it failed to lift investors sentiment.

On the volume front, 14.36 lakh shares of the company were traded on BSE and over one crore shares changed hands at NSE during the day. India’s largest steelmaker SAIL’s standalone net loss narrowed to Rs 794.8 crore for the quarter ended December 31, 2016, helped by higher gross sales.

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The company’s standalone net loss in the corresponding quarter of previous fiscal stood at Rs 1,481 crore, Steel Authority of India Ltd (SAIL) said in a BSE filing yesterday.

SAIL’s gross sales on standalone basis in the October-December quarter was at Rs 12,490 crore, registering an increase of 25.8 per cent from year-ago period.

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