Shares of Shree Renuka Sugars fell sharply by up to 30.36 per cent to a one-year low on the bourses today after the company reported a net loss of Rs 618.5 crore for the quarter ended September 30, 2011.
Hit by the disappointing numbers, the scrip nosedived by 30.36 per cent to a 52-week low of Rs 36 on the BSE. It received similar drubbing on the NSE, plummeting by 29.87 per cent to a one-year low of Rs 36.15.
Later, the stock trimmed some of its losses and was being quoted at Rs 41.25, down 20.21 per cent from its previous close.
The company announced the results after trading hours on Friday.
Due to higher interest and huge foreign exchange losses, Shree Renuka Sugars reported a net loss of Rs 618.5 crore for the quarter ended September 30. The company had posted a net profit of Rs 127.8 crore for the same period last year.
Its performance was also affected because of higher interest costs, which rose to Rs 192.5 crore during the quarter ended September 30, 2011 against Rs 117.7 crore in the corresponding quarter last year.