Puravankara tanks over 8% after lacklustre Q1

Shares of realty firm Puravankara Projects today tanked over 8 per cent after the company reported 67 per cent decline in consolidated net profit for the quarter ended June on lower sales.
The stock plunged 7.87 per cent to settle at Rs 50.35 on BSE. During the day, it plummeted 8.32 per cent to Rs 50.10.
At NSE, it dropped 8.19 per cent to close at Rs 50.40.
The company's market valuation fell by Rs 101.95 crore to Rs 1,194.05 crore.
Puravankara Projects yesterday reported 67 per cent decline in consolidated net profit at Rs 10.2 crore for the quarter ended June due to lower sales. Its net profit stood at Rs 30.7 crore in the year-ago period.

Income from operations fell 32 per cent to Rs 311.4 crore in the first quarter, from Rs 456.52 crore in the same period a year ago, the Bengaluru-based developer said in a regulatory filing yesterday.
Company's finance cost increased to Rs 62.4 crore during the period under review, from Rs 54.6 crore a year earlier.