Shares of JSW Energy fell on March-quarter loss. The stock fell as much as 6.3 per cent to Rs 76.65, in its biggest intraday percentage drop since March 19.
The integrated power company had on Thursday posted March-quarter loss of Rs 483 crore ($72.46 million).
According to Macquarie analysts, the company’s earnings continue to disappoint. Macquarie analysts have maintained “underperform” rating with a price target of Rs 56.
They said that the company has raised its capex guidance for non-core investments, but Macquarie is concerned about such high capital commitment.
About 12 of the 23 brokerages covering the stock have rated it “sell” or lower, five “buy” or higher and six “hold”; their median price target is Rs 72.50, Thomson Reuters Eikon.