Shares of gas utility GAIL India Ltd today fell by nearly 3 per cent after the company reported 69 per cent drop in the net profit of fourth quarter.
The scrip declined by 2.74 per cent to end at Rs 380.45 on BSE. During the day, it lost 6.6 per cent to Rs 365.30.
On NSE, it dipped 2.52 per cent to close at Rs 380.35.
GAIL India Ltd yesterday reported 69 per cent drop in fourth quarter net profit as it wrote down the value of its investment in Dabhol power plant.
Net profit for the January-March quarter of the last fiscal was Rs 260.16 crore, or Rs 1.54 per share, as against Rs 832.13 crore, or Rs 4.92 a share, net earnings in the same period a year before.
"We took an impairment of investment in Ratnagari Gas and Power Pvt Ltd (the company that runs Dabhol power plant) for Rs 783 crore," GAIL Chairman and Managing Director B C Tripathi said.
Turnover was up 16 per cent at Rs 13,644 crore.