Shares of Jaiprakash Associates today declined by over 4 per cent in early trade, after the company reported an over 64 per cent dip in standalone net profit for the third quarter ended December 31.
The shares opened on a weak note and plunged further by 4.19 per cent to Rs 69.65 on the BSE.
At the NSE, the stock tumbled 4.32 per cent to Rs 69.60.
Jaiprakash Associates had yesterday reported an over 64 per cent decline in standalone net profit at Rs 110.93 crore for the quarter ended December 31, as the interest burden increased by over 20 per cent.
The company had a net profit of Rs 309.77 crore in the October-December period of 2011-12.
Its net sales, however, were up 15.32 per cent at Rs 3,398.39 crore during the quarter vis-a-vis Rs 2,947.01 crore of the October-December period of FY’12.
The dip in the stock was in contrast with a positive broader market, where the BSE benchmark Sensex was trading at 19,494.62, up 34.05 points at 1100 hrs.