Shares of Neyveli Lignite Corporation were down 5% at Rs 72 on the Bombay Stock Exchange after the company reported 85% drop in net profit at Rs 47.6 crore for the quarter ended December 31,2015 compared with Rs 309.5 crore because of lower sales and higher other expenditure.
Net sales for the quarter under review were lower by 16% at Rs 1,255.3 crore compared with Rs 1,492.7 crore in the same quarter ended December 31, 2014.
Other expenditure for December 2015 quarter was higher at Rs 385.1 crore compared with Rs 325.5 crore in the same quarter last year.
The stock opened at Rs 73.80 and touched a high of Rs 74.05. At 12pm, over 181,000 shares were traded on both the stock exchanges.
