Shares of electricity trading firm PTC India tumbled nearly 11 per cent today as its net profit for the third quarter this fiscal plunged to Rs 7 crore.
PTC India’s scrip plummeted by 10.57 per cent to Rs 83.70 on the BSE. On the NSE, the shares tumbled 10.86 per cent to Rs 83.65.
PTC India’s net profit for the third quarter of this fiscal plunged to Rs 7 crore due to one-time provision of Rs 33 crore. It had reported Rs 91 crore net profit during the year-ago period.
Total income from operations increased by 5 per cent to Rs 2,823.24 crore during the third quarter from Rs 2,751.47 crore in the corresponding period of the last financial year, PTC India had said in a BSE filing yesterday.
The company said it plans to divest a part of its long-term investment in Teesta Urja Ltd so that the Government of Sikkim can acquire 51 per cent against its present holding of 26 per cent.