Shares of Coal India plunged over 4 per cent today after the company reported a steep fall in net profit for the September quarter.
The stock opened at Rs 296 and then dived 4.75 per cent to touch an intra-day low of Rs 291.20 on BSE.
The scrip finally settled 4.42 per cent down at Rs 292.25 on the Bombay Stock Exchange.
Following the decline in the counter, the market capitalisation of the company fell by Rs 11,711.31 crore to Rs 1,81,411.53 crore.
A similar movement was seen on NSE, where it opened at Rs 297 and slipped 4.87 per cent to an intra-day low of Rs 291.05.
It ended the day at Rs 292.40, down 4.43 per cent.
Meanwhile, Japanese financial services major Nomura said that it expects a sharply negative stock price reaction post the dismal Q2 earnings of Coal India.
"In the context of the dismal second quarter and minimal uptick in realisation follow the around 6 per cent blended hike in FSA prices, we expect the stock price to react negatively and the Street to downgrade earnings forecasts," Nomura said in a research note.
On Tuesday, the state-owned company posted a massive 77 per cent fall in its consolidated net profit at Rs 600 crore for the July-September quarter, hit by drop in sales and higher expenses.
The PSU major had posted a consolidated net profit of Rs 2,654 crore in the corresponding period of the previous fiscal.
The benchmark Sensex closed at 26,602.84, down 0.36 per cent, from its previous close.
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