Shares of Tata Power went down by 3% in early trade on the bourses today, despite the company reporting a growth in profit for the first three months of the current fiscal.
Tata Power lost 3.06% to an early low of Rs 1,140 on the NSE. Similarly, on the BSE, the stock fell by 2.80% to touch a low of Rs 1,141.
The stock of the power utility was the worst performer among the Sensex blue-chips in morning trade today.
Tata Power yesterday posted a 5% rise in profit after tax to Rs 281.56 crore for the first three months of the current fiscal.
The leading power utility had registered a profit after tax of Rs 268.98 crore in the April-June period of the previous fiscal.
On a standalone basis, the company's revenues rose to Rs 1,921.24 crore in the June quarter from Rs 1,867.90 crore in the same period a year ago.
The fall in the stock was in tandem with the sluggish trend in the broader market, with the BSE benchmark Sensex index trading at 17,071.80, down by 58.71 points, at 0940 hours.
