Shares of Power Finance Corp declined by nearly 10 per cent today after the company reported a standalone net loss of Rs 3,409.49 crore for the quarter ended March 31, 2017.
The stock fell 9.77 per cent to Rs 122.25 on the BSE.
On the NSE, shares of the company slumped 9.81 per cent to Rs 122.20.
State-run Power Finance Corp had yesterday reported a standalone net loss of Rs 3,409.49 crore for the January-March quarter due to lower interest income and provisions for bad loans.
The company had posted a net profit of Rs 1,259.65 crore in the corresponding quarter of the previous fiscal, PFC said in a regulatory filing.
The PSU also said the board of directors at its meeting has decided not to recommend any final dividend for 2016-17 to be declared by the shareholders at the annual general meeting.
According to the statement, the company’s total standalone income was down at Rs 5,797.04 crore in the fourth quarter from Rs 6,786.99 crore a year ago.