Shares of power equipment maker Bharat Heavy Electricals Ltd (BHEL) today declined by nearly 6 per cent, wiping-out Rs 4,014 crore from its market valuation, after the company reported a 82.48 per cent plunge in standalone net profit for the quarter ended June 30.
Reacting to the numbers, shares of the company dipped 5.81 per cent to settle at Rs 265.80 on BSE. During the day, it slipped 10.4 per cent to Rs 252.85.
At the NSE, the stock tumbled 5.77 per cent to Rs 266.15 at close.
The stock was the top loser among the blue-chips on both Sensex and Nifty.
The company's market valuation fell by Rs 4,013.79 crore to Rs 65,057.21 crore.
In terms of volume, 25.42 lakh shares of the company changed hands at BSE and over two crore shares were traded at the NSE during the day.
"Shares of BHEL corrected sharply after the company's profit tanked almost 83 per cent year-on-year," said Hiren Dhakan, Associate Fund manager at Bonanza Portfolio.
BHEL today reported a 82.48 per cent plunge in standalone net profit at Rs 33.89 crore for the quarter ended June 30, due to lower sales.
The PSU firm had reported a net profit of Rs 193.50 crore in the corresponding quarter of the previous fiscal, BHEL said in a regulatory filing.
Net sales during the quarter were at Rs 4,280.76 crore, registering a decline of 15.5 per cent.
The company's net sales in the year-ago period stood at Rs 5,067.59 crore.
BHEL's revenue from the power sector declined to Rs 3,357.13 crore during the quarter from Rs 4,144.16 crore in the year-ago period.
