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Steel major SAIL in the early trade on Friday touched its yearly-low when it declined by six per cent to Rs 162.50 a share on BSE on poor third quarter results.
Hit by rising raw material costs, the company posted 33.9 per cent dip in its net profit at Rs 1,107.47 crore for the quarter ended December 31, 2010, as against Rs 1,675.55 crore in the same quarter of last fiscal.
Reacting sharply to the poor numbers, SAIL stock opened on a disappointing note and plunged by 6 per cent to Rs 162.50 a share in the early trade on Bombay Stock Exchange.
Massive sell-off was also seen at the company’s counter on the National Stock Exchange where it tumbled by 5.39 per cent to Rs 163 a share.
On the volume front, over 30 lakh shares of the company were traded within the first half-an-hour of trade. The scrip was quoting at Rs 163.80 down 5.26% on the BSE.
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