Pipavav Defence shares tumbled as much as 10 per cent on Monday after the company’s net loss widened to Rs 293.60 crore for the quarter ended December 2015. The company posted net loss of Rs 70.46 crore in the corresponding quarter a year ago.
At 1.30 pm, Pipavava Defence shares were trading 9.29 per cent down at Rs 72.25 on BSE. The stocks opened at Rs 76.30 and had touched a high and low of Rs 76.30 and Rs 71.70, respectively, in trade so far. Later, the shares of the company settled 12.87 per cent down at Rs 69.40
Around 8.68 lakh shares of Pipavav Defence exchanged hands on the BSE so far as compared with two-week average daily volume of 15.99 lakh shares. Sensex was trading 171.09 points down at 24,283.95.
Net loss of Pipavav Defence widened in Q3 due to sharp decline in the income from operations. The result were announced post market hours on Friday.
The net income from operations of the company during the October-December quarter of the 2015-16 declined to Rs 50.54 crore from Rs 252.03 crore in the year ago period, Pipavav Defence and Offshore Engineering had said in a regulatory filing.