PTC India shares slump over 6.5% as Q3 net disappoints

Shares of electricity trading firm PTC India tumbled over 6.5 per cent today as its net profit for the third quarter this fiscal plunged to Rs 7 crore.
After falling 10.57 per cent to Rs 83.70 in intra-day session on the BSE, shares of PTC India finally ended at Rs 88.60, down 5.34 per cent from its previous close.
On the NSE, the stock closed 6.55 per cent lower at Rs 87.70.
Dip in the stock led to an erosion of Rs 147.37 crore from the company's market valuation to Rs 2,622.63 crore.
On the volume front, 14.36 lakh shares of the company changed hands at the BSE and over one crore shares were traded at the NSE during the day.

PTC India's net profit for the third quarter this fiscal plunged to Rs 7 crore due to one-time provision of Rs 33 crore. It had reported Rs 91 crore profit the year-ago period.
Total income from operations increased by 5 per cent to Rs 2,823.24 crore during the third quarter, from Rs 2,751.47 crore in the year-ago period, PTC said in a BSE filing yesterday.