Shipping Corporation of India (SCI) has plunged 6% at Rs 87.20, its lowest level since May 2009, after reporting a net loss in second consecutive quarter due to subdued shipping market, higher bunker cost and higher depreciation.
The company has reported a net loss of Rs 5.86 crore for the first quarter ended June 30, 2011 compared with a net profit of Rs 191 crore in the corresponding quarter of previous fiscal. Total income grew marginally by 2% at Rs 985 crore on year-on-year basis.
Meanwhile, the company intends to hive off the offshore segment into a separate 100% subsidiary which is expected by end of current fiscal.
The stock hit a low of Rs 86.30 after opening at Rs 92.80 on the NSE. A total 607,815 shares have changed hands on the counter till 1410 hours.