Iron ore producer and exporter Sesa Goa tumbled by as much as 4% in morning trade today on the bourses after the company posted disappointing first quarter earnings.
The company yesterday announced a consolidated net profit of Rs 840.59 crore for the first quarter ended June 30, 2011, compared to a consolidated net profit of Rs 1,301.79 crore in the June quarter last fiscal.
The results were not comparable consequent to the merger of erstwhile subsidiary Sesa Industries with the company, Sesa Goa said yesterday.
The results were announced after market hours yesterday.
Shares of the company opened on a weak note at Rs 281.80 on the Bombay Stock Exchange and then slipped further to a low of Rs 275.10, down 3.65% from the previous closing price.
Similar movement was seen on the National Stock Exchange, where the stock declined to a low of Rs 265.50, down 4.51% from its last close, after opening at Rs 268.
The stock however, regained some lost ground and was trading at Rs 278.05, down 2.63% on the BSE, and at Rs 278.80, up 0.27% on the NSE, at 1056 hours.
Marketmen said the slide in the counter is a knee jerk reaction to the disappointing first quarter numbers.
On the volume front, as many as 3.67 lakh shares exchanged hands on the BSE and over 29.10 lakh shares got traded on the NSE by 1056 hours.