Shares of India's largest steelmaker SAIL today plunged nearly 6 per cent as the company's standalone net loss widened to Rs 534.92 crore in the June quarter.
The scrip plummeted 5.68 per cent to close at Rs 50.65 on BSE. During the day, it went down 6.42 per cent to Rs 50.25.
At NSE, shares of the company dived 5.76 per cent to close at Rs 50.65.
Led by the decline in the stock, the company's market valuation fell by Rs 1,261.19 crore to Rs 20,918.81 crore.
In terms of volume, 28.44 lakh shares of the company were traded on BSE and over two crore shares changed hands on NSE during the day.
SAIL yesterday said its standalone net loss widened to Rs 534.92 crore in the June quarter on account of a dip in sales realisation and higher interest and depreciation charges.
The state-run firm had posted a net loss of Rs 248.24 crore in the year-ago period, it said in a BSE filing yesterday.
Total standalone income of the Maharatna firm declined by 3 per cent to Rs 9,238.08 crore in April-June this fiscal, from Rs 9,493.11 crore during the same quarter in 2015-16.
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