MOIL plunges after dismal Q3 earnings

MOIL lost 3% to Rs 268 after net profit fell 18.79% to Rs 101.50 crore in the quarter ended December 2011 as against Rs 124.99 crore during the previous quarter ended December 2010. Sales declined 5.39% to Rs 239.54 crore in the quarter ended December 2011 as against Rs 253.20 crore during the previous quarter ended December 2010.

MOIL's Board of directors, at a meeting held on Monday, 6 February 2012, declared an interim dividend of Rs 2 per equity share for the financial year ending 31 March 2012. The company has set 17 February 2012 record date for interim dividend.

In the intraday trade, the stock opened at Rs 272 and made a low of Rs 268. Around 90,000 shares were traded in BSE and NSE.