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Iron ore producer and exporter Sesa Goa tumbled by as much as 4 per cent in morning trade today on the bourses after the company posted disappointing first quarter earnings.
Iron ore producer and exporter Sesa Goa yesterday announced a consolidated net profit of Rs 840.59 crore for the first quarter ended June 30, 2011, compared with a consolidated net profit of Rs 1,301.79 crore in the June quarter last fiscal.
The results were not comparable consequent to the merger of erstwhile subsidiary Sesa Industries with the company, Sesa Goa said yesterday.
The results were announced after market hours yesterday.
Shares of the company opened on a weak note at Rs 281.80 on the Bombay Stock Exchange and then slipped further to a low of Rs 275.10, down 3.65 per cent from the previous close.
Similar movement was seen on the NSE, where the stock declined to a low of Rs 265.50, down 4.51 per cent from its last close, after opening at Rs 268.
The stock however, recovered partly and was trading at Rs 278.05, down 2.63 per cent on the BSE, and at Rs 278.80, up 0.27 per cent on the NSE, at 10.56 a.m.
Marketmen said the slide in the counter is a knee-jerk reaction to the disappointing first quarter numbers.
On the volume front, as many as 3.67 lakh shares exchanged hands on the BSE and over 29.10 lakh shares was traded on the NSE by 10.56 a.m.
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