HDIL Q4 net slumps 91%, stock slips 4%

The stock touched a new low of Rs 289.50 and finally ended at Rs 294, down over 4%.

Around 5.84 million shares were traded on the BSE today.
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Updated at 1118 Hrs:

Housing Development & Infastructure Ltd (HDIL) today opened at Rs 305.50, then zoomed to a high of Rs 313. The stock there after slipped and touched a low of Rs 293.The stock is currently trading at Rs 297, down over 3%.

Around 2 million shares have been traded on the BSE So far.

According to a release issued by the company to the BSE, the company has posted a net profit of Rs 61.92 crore for the quarter ended March 31, 2009 as compared to Rs 708.24 crore for the quarter ended March 31, 2008. There has been a 91% decrease in the net profit.

Total Income has decreased to Rs 388.77 crore as against the Rs 989.49 crore in the previous quarter, a year ago. There has been a 61% decline in the total income in this quarter.