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Shares of Bharat Heavy Electricals Ltd today slumped over 16 per cent to hit a one-year low after the company reported nearly 50 per cent decline in net profit for the first quarter ended June 30, 2013.
After making a weak opening, BHEL shares further tumbled 16 per cent to Rs 125.40 — its 52-week low on the BSE. Similarly, on the NSE, the stock plummeted by 16.37 per cent to touch a one-year low of Rs 125.10.
The blue-chip scrip was the worst performer on both the key indices — Sensex and Nifty — during the morning trade.
Bharat Heavy Electricals Ltd had on Saturday reported nearly 50 per cent decline in net profit at Rs 465.43 crore for the first quarter ended June 30, 2013, after it was hurt by lower sales.
The power equipment maker had clocked a net profit of Rs 920.90 crore in the year-ago period.
During the first quarter, BHEL saw its net sales decline substantially to Rs 6,352.55 crore from Rs 8,326.24 crore in the same period a year-ago.
Sluggish prospects in the domestic power sector as well as cheap imports of power equipment are adversely impacting the business of BHEL.
At the end of June quarter, the company’s outstanding order book stood at Rs 1,08,600 crore.
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