Shipping Corp shares tank over 7% on Q2 net loss

Shares of Shipping Corporation of India (SCI) today slumped over 7 per cent after the company posted standalone net loss of Rs 20 crore in the second quarter ended September 30, 2016.
The stock after a weak opening further plunged 7.21 per cent to Rs 58.50 on BSE.
On NSE, shares of the company dropped 7.35 per cent to Rs 58.55.
The state-owned company had posted standalone net profit of Rs 161.8 crore in the July-September quarter of the 2015-16 fiscal, Shipping Corporation of India said in a BSE filing yesterday.
Its total income from operations during the quarter under review also declined to Rs 758.7 crore as against Rs 1,091 crore in the year-ago period.

The PSU has substantial interests in various segments of the shipping trade.