Jindal Steel & Power hits eight-year low; tanks over 50% in 2015

The stock has underperformed the market thus far in 2015 by falling 57% compared to a nearly 1% rise in the Sensex.

Shares of Jindal Steel & Power (JSPL) have dipped by 4% to Rs 65.45, extending their 16% fall in the past two trading sessions on the BSE, after the company reported consolidated net loss in the third consecutive quarter.

The stock hit an eight-year low of Rs 62.40 in intra-day trades, its lowest level since November 2006 on the BSE after the company was excluded from the MSCI Emerging Markets Index. However, it has been added to the MSCI India Index from close of August 31, 2015.

JSPL had reported a consolidated net loss of Rs 339 crore in the June quarter compared with a net profit of Rs 418 crore in the year-ago period, due to higher total expenses and finance costs.

Net sales fell 3.3% to Rs 4,715 crore against Rs 4,876 crore a year ago, due to higher import of steel from China, Korea and other countries, JSPL said in a statement.

Meanwhile, thus far in 2015, the stock has underperformed the market by falling 57% from Rs 152 on December 31, 2014, compared to nearly 1% rise in the S&P BSE Sensex.