Inox Wind slumps on weak Q1 earnings

Shares of Inox Wind dropped over 6% to Rs 180 on the Bombay Stock Exchange after the company reported sharp drop in net profit for the quarter ended June 30, 2016 on the back of lower sales.

Consolidated net profit for the June 2016 quarter decreased 80% to Rs 11.8 crore compared with Rs 60.4 crore in the same quarter last year.

Consolidated net sales for the quarter under review were down 33% to Rs 432.4 crore against Rs 641.8 crore in the same quarter ended June 2015.

The stock opened at Rs 168 and touched a low of Rs 161 in intra-day trade. At 10:15am, over 1.4 million shares were traded on both the stock exchanges.