Shares of Piramal Enterprises on Tuesday plunged nearly 14 per cent after the company reported a net loss of Rs 1,702.59 crore in the quarter ended March 31.
On BSE, it plunged 9.99 per cent to Rs 839.05, while the scrip of the company dived 13.87 per cent to Rs 802.30 on NSE.
The Ajay Piramal-led firm on Monday reported a net loss of Rs 1,702.59 crore in the quarter ended March 31, mainly on the back of additional provisioning in lieu of the challenges posed by the COVID-19 pandemic.
The company had reported a net profit of Rs 454.63 crore in the corresponding quarter of last fiscal.
Its total income for the quarter also declined to Rs 3,341 crore from Rs 3,408.62 crore as the company is focusing on deleveraging its business.
"The COVID-19 crisis comes at a time when there is prevailing slowdown. Therefore, the board thought it prudent to make an additional provisioning of Rs 1,903 crore, which has resulted in the total provisioning increase to Rs 2,693 crore, which represents 5.8 per cent of the book," Piramal said.