Shares of Housing Development and Infrastructure Ltd (HDIL) today slumped nearly 9 per cent after the company reported a 30 per cent decline in net profit for the quarter ended June 30.

The stock plunged 8.81 per cent to Rs 92.05 on the BSE.

On the NSE, shares of the company dropped 8.73 per cent to Rs 92.

HDIL had on Saturday reported a 30 per cent decline in net profit at Rs 40.89 crore for the quarter ended June 30.

It had posted a net profit of Rs 58.42 crore in the year-ago period, the Mumbai-based realty firm had said in a regulatory filing.

Income from operations fell marginally to Rs 260.71 crore in the first quarter of this fiscal from Rs 266.75 crore in the corresponding period of the previous year.

Total income stood at Rs 265.21 crore for the quarter ended June against Rs 272.58 crore in the year-ago period.

Welspun India

Welspun India shares recovered and were trading up by 1.59 per cent at Rs 57.65 on the BSE.

The stock hit an intra-day high of Rs 58.90 and low of Rs 53.95.

Earlier in the day, the shares fell as much as 4.9 per cent as Wal-Mart has stopped selling the firm's Egyptian cotton products.

Wal-Mart Stores Inc had on Friday said it will stop selling Egyptian cotton sheets made by Welspun after the latter was unable to assure the authenticity of products.

US retailer Target Corp had also severed ties with Welspun after accusing them of passing off cheap sheets as premium Egyptian.

Welspun has posted the biggest intraday percentage loss in nearly two weeks.

As of Friday's close, the stock was down 37.8 per cent this year.

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