Shares of Essar Oil plunged over 5 per cent in morning trade today as it reported a loss of Rs 515 crore for the fourth quarter ended March 31.
Despite a bullish opening, shares of the company failed to carry the momentum and tanked 5.39 per cent to touch a low of Rs 49.10 on the BSE.
At the NSE, the stock lost 5.11 per cent to Rs 49.20.
In volume terms, 2.85 lakh shares of the company were traded on the BSE, while over 12 lakh shares changed hands on the NSE during morning trade.
Essar Oil on Saturday reported a loss of Rs 515 crore for Q4 2011-12 due to a reversal in sales tax benefits and provisioning related to corporate debt restructuring.
It had a profit of Rs 321 crore in the year-ago period.
Meanwhile, in the broader market, the BSE benchmark Sensex was trading at 16,346.63, up 53.65 points at 1124 hrs.