Shares of Power Grid Corporation (PGCIL) fell over 3 per cent, wiping out Rs 2,379 crore from its market valuation today, after the company reported a decline in net profit for the quarter ended September.
After falling 3.69 per cent to Rs 142 in intra-day trade on the BSE, shares of PGCIL finally ended 3.09 per cent lower at Rs 142.90.
On the NSE, it settled at Rs 143.05, down 3.12 per cent from its previous close.
Tracking weakness in the stock, the company's market value dipped by Rs 2,379.58 crore to Rs 74,759.42 crore.
In terms of volume, 2.21 lakh shares of the company changed hands on the BSE, while more than 35 lakh shares were traded on the NSE during the day.
PGCIL had yesterday reported a marginal decline in net profit for the quarter ended September at Rs 1,201.27 crore due to higher finance cost.
The company's net profit during the corresponding quarter last fiscal stood at Rs 1,239.2 crore, PGCIL had said in a filing to the BSE.
Its total income during the July-September quarter increased five per cent to Rs 4,309.26 crore from Rs 4,104.43 crore a year-ago.
The company's finance cost increased by 23.41 per cent to Rs 989.09 crore from Rs 801.41 crore in the comparable period last year.
