Suzlon Energy's scrip plunged nearly 7 per cent today as the company reported a consolidated net loss of Rs 259.97 crore in the first quarter of this fiscal.
Shares of the company tanked 6.96 per cent to Rs 16.05 on BSE. During the day, it plummeted 9.27 per cent to Rs 15.65.
At NSE, the scrip dropped 6.95 per cent to close at Rs 16.05.
The company's market valuation fell by Rs 595.84 crore to Rs 8,064.16 crore.
It has posted a net loss after taxes, minority interest and share of profit/(loss) of associates of Rs 259.97 crore for the quarter ended June 30, 2016 as compared to a net profit of Rs 1,014.34 crore for the quarter ended June 30, 2015, Suzlon Energy said in a BSE filing yesterday.
Suzlon Group Chief Financial Officer (CFO) Kirti Vagadia, told PTI that the first quarter of this fiscal is not really comparable with the same period a year ago since the company made an exceptional one-time gain of Rs 1,289 crore from sale of its German subsidiary Senvion in April, 2015.
According to a company statement, total income decreased from Rs 2,641.15 crore for the first quarter last fiscal to Rs 1,668.94 crore for the quarter ended June 30, 2016.
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