Pipavav Defence Q3 net loss widens to Rs 293.60cr

Pipavav Defence's net loss in the quarter ended on December 31 widened to Rs 293.60 crore due to sharp decline in the income from operations.
The company had reported the net loss of Rs 70.46 crore in the year-ago period.
The net income from operations of the company during October-December quarter of the 2015-16 declined to Rs 50.53 crore from Rs 252.02 crore in the year ago period, Pipavav Defence and Offshore Engineering said in a regulatory filing.
In March last year, the Anil Ambani group firm Reliance Infrastructure had announced plans to acquire a controlling stake in Pipavav Defence for up to Rs 2,082 crore.

The open offer -- for acquiring an additional 26 per cent for up to Rs 1,263 crore -- was launched on December 2 till December 15 last year. On completion of open offer the Reliance Infrastructure
had raised its stake to 35 per cent.
Shares of the company today closed 1.61 per cent down at Rs 79.65 apiece on BSE.