GAIL shares down nearly 5% as net profit dips

Shares of state-owned gas utility GAIL India Ltd today ended nearly 5 per cent lower, eroding Rs 2,409.4 crore from its market valuation, after the company posted 64 per cent slump in the December quarter net profit.
After falling 6.58 per cent to Rs 392.30 in intra-day trade, shares of GAIL India finally ended at Rs 400.95, down 4.52 per cent at the BSE.
At the NSE, it slipped 4.62 per cent to settle at Rs 400.10.
The company's market value fell by Rs 2,409.4 crore to Rs 50,859.60 crore.
In terms of volume, 2.70 lakh shares of the company changed hands at the BSE and over 20 lakh shares were traded at the NSE during the day.

GAIL India Ltd had on Friday posted a massive 64 per cent drop in October-December quarter net profit as it could not sell imported gas contracted at higher price.
The profit at Rs 604.08 crore was 64 per cent lower compared to Rs 1,679.4 crore in the year-ago period, the company had said in a statement.
The profit was impacted by "lower off take of long-term contracted LNG by power and fertiliser plants", it had said.