Shares of telecom infrastructure firm GTL plunged 8 per cent in the morning trade on the bourses today after the company reported a 68.14 per cent dip in net profit for the first quarter ended June 30, 2011.
In tandem with the weak broader market trend, the GTL scrip slumped 8.1 per cent to an early low of Rs 47.60 apiece on the Bombay Stock Exchange. A similar trend was seen at the company’s counter on the National Stock Exchange, where the stock tumbled 8 per cent to a low of Rs 47.65.
The company had reported a 68.14 per cent dip in net profit to Rs 11.94 crore for the first quarter ended June 30, 2011 compared with Rs 37.48 crore for the same quarter last fiscal.
The results were announced after the market close yesterday.
Meanwhile, the broader market, too, witnessed heavy selling pressure this morning, with the BSE benchmark Sensex down by 283.85 points at 16,185.94 in the late morning session.