Gujarat Pipavav shares dip 10% as Q2 profit plunges

Shares of Gujarat Pipavav Port plunged nearly 10 per cent today as the company reported a 40.6 per cent decline in standalone net profit for the second quarter ended September 30.
The stock tumbled 9.83 per cent to settle at Rs 162.30 on BSE. Intra-day, it dipped 11.47 per cent to Rs 159.35.
At NSE, shares of the company plummeted 9.91 per cent to Rs 162.25.
The company's market valuation fell by Rs 854.77 crore to Rs 7,846.23 crore.
Gujarat Pipavav Port has reported a 40.6 per cent decline in standalone net profit at Rs 53.10 crore for the second quarter ended September 30, on the back of lower sales and higher expenses.

The company's net profit in the corresponding period was Rs 89.52 crore, Gujarat Pipavav Port said in a regulatory filing today.
The company's net sales during the quarter declined to Rs 140.42 crore from Rs 157.15 crore in the year-ago period.
The total expenses of the company increased to Rs 95.42 crore as against Rs 90.58 crore in the corresponding period.