Pipavav Defence stock tanks over 10% on weak Q3 results

Shares of Pipavav Defence tumbled over 10% today as the company's net loss widened during the quarter ended on December 31, 2015-16.

The stock plunged 9.98% to Rs 71.70 at the BSE.

On NSE, it fell sharply by 10.38% to Rs 71.65.

Pipavav Defence's net loss in the third quarter of the current fiscal 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 for the same period of last fiscal.

The result were announced post market hours on Friday.

The net income from operations of the company during the 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 had said in a regulatory filing.