Shares of Jindal Steel and Power Ltd (JSPL) today fell by over 3 per cent after the company reported nearly 13 per cent decline in consolidated net profit for the quarter ended December 31, 2012.
After falling nearly 4 per cent during the day, shares of the company finally ended at Rs 392.45, down 3.35 per cent from its previous close on the BSE.
At NSE, the scrip ended at Rs 392, down 3.39 per cent.
The scrip was the biggest loser on both Sensex and Nifty.
“Jindal Steel dipped over 3 per cent on the back of reporting below-expected results,” said Nagzi K Rita, Chairman & MD, Inventure Growth and Securities.
JSPL has reported 13 per cent decline in consolidated net profit at Rs 867.27 crore for the October-December quarter of FY’13, as the company was hit by higher interest burden and decline in revenues from the power sales.
The Naveen Jindal—led steelmaker had reported net profit of Rs 996.68 crore in the corresponding period of 2011-12 financial year.
Its net sales, however, were up 7.55 per cent at Rs 4,683.91 crore during the quarter, as compared with Rs 4,354.51 crore of the October-December quarter of FY’12.