Mumbai: Shares of power equipment maker Bharat Heavy Electricals Ltd (BHEL) Friday declined by nearly 6 percent, wiping-out Rs 4,014 crore from its market valuation, after the company reported a 82.48 percent plunge in standalone net profit for the quarter ended June 30.
Reacting to the numbers, shares of the company dipped 5.81 percent to settle at Rs 265.80 on BSE. During the day, it slipped 10.4 percent to Rs 252.85.
At the NSE, the stock tumbled 5.77 percent to Rs 266.15 at close.
The stock was the top loser among the blue-chips on both Sensex and Nifty.
The company's market valuation fell by Rs 4,013.79 crore to Rs 65,057.21 crore.
In terms of volume, 25.42 lakh shares of the company changed hands at BSE and over two crore shares were traded at the NSE during the day.
"Shares of BHEL corrected sharply after the company's profit tanked almost 83 percent year-on-year," said Hiren Dhakan, Associate Fund manager at Bonanza Portfolio.
BHEL today reported a 82.48 percent plunge in standalone net profit at Rs 33.89 crore for the quarter ended June 30, due to lower sales.
The PSU firm had reported a net profit of Rs 193.50 crore in the corresponding quarter of the previous fiscal, BHEL said in a regulatory filing.
Net sales during the quarter were at Rs 4,280.76 crore, registering a decline of 15.5 percent.
The company's net sales in the year-ago period stood at Rs 5,067.59 crore.
BHEL's revenue from the power sector declined to Rs 3,357.13 crore during the quarter from Rs 4,144.16 crore in the year-ago period.
