NCC fell 2.72% to Rs 48.20 after credit rating agency, India Ratings and Research, downgraded its outlook on long-term issuer rating of the company to 'negative' from 'stable'.
India Ratings ard Research (Ind-Ra) has placed NCC's long-term issuer rating of 'IND A' on rating watch negative (RWN). The outlook on the earlier rating was stable. The announcement was made after trading hours yesterday, 10 October 2019.
Shares of NCC tanked 7.66% to its current market price of Rs 48.20 in two trading sessions from its previous closing high of Rs 52.20 on 9 October 2019.
Meanwhile, the S&P BSE Sensex was up 343 points or 0.91% to 38,223.25.
On the BSE, 7.56 lakh shares were traded in the counter so far compared with average daily volumes of 22.53 lakh shares in the past two weeks. The stock hit an intraday high of Rs 50.60 and an intraday low of Rs 47.85 so far during the day.
The stock hit a 52-week high of Rs 119.15 on 27 May 2019. The stock hit a 52-week low of Rs 46.20 on 7 October 2019.
NCC's consolidated net profit fell 29.3% to Rs 72.27 crore on 6.6% decline in net sales to Rs 2,346.98 crore in Q1 June 2019 compared with Q1 June 2018.
NCC is involved in the construction of industrial and commercial buildings, roads, bridges and flyovers, water supply and environment projects, housing, power transmission lines, irrigation and hydrothermal power projects and real estate development.
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