(PTI) Shares of GAIL (India) Ltd on Monday declined over 4 per cent after the company reported a 90 per cent fall in its December quarter net profit.
The stock went lower by 4.24 per cent to settle at ₹94.95 apiece on the BSE. During the day, it tanked 7.41 per cent to ₹91.80.
On the NSE, it declined 4.48 per cent to end at ₹94.70 per share.
State-owned gas utility GAIL (India) Ltd on Monday reported a 90 per cent decline in its December quarter net profit after it suffered losses in petrochemical and natural gas marketing business.
Consolidated net profit of ₹397.59 crore in October-December 2022 as compared with ₹3,800.09 crore earning in the same period a year back, according to the company's stock exchange filing.
The nation's largest gas trading and transportation company booked ₹349 crore loss in petrochemical business after it had to cut run rate due to curtailment in supply of cheaper domestic gas.
Natural gas marketing division too incurred a loss while the pre-tax profitability of the core transmission business halved.
Revenue from operations rose to ₹35,939.96 crore in the October-December period from ₹26,175.60 crore in the previous year.