MOIL is down over 4% at Rs 318, the lowest since its December listing, after reporting 40% y-o-y drop in net profit at Rs 109 crore for the first quarter ended June 30, 2011. The state-owned company had reported a net profit of Rs 168 crore in the corresponding quarter of the previous fiscal. Net sales too declined 40% at Rs 210 crore on a y-o-y basis.
India's largest manganese ore producer (formerly Manganese Ore India) had raised Rs 1,238 crore through an initial public offer (IPO) by issuing 33.6 million shares at a price of Rs 375 a share. The stock declined 46% from its post-listing high of Rs 591 on the BSE.
The stock opened at Rs 325 and hit a low of Rs 311 on the NSE. A combined 129,910 shares have changed hands on the counter till 1115 hours.
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