Punj Lloyd drops after Q2 loss widens

Net loss for Sep 2015 quarter increased to Rs 283.20 crore compared to Rs 263.51 crore in Sep 2014 quarter

Shares of Punj Lloyd were down 5% at Rs 23.60 on the Bombay Stock Exchange after the company's net loss for the second quarter ended September 30, 2015 increased to Rs 283.20 crore compared with Rs 263.51 crore for the corresponding quarter last fiscal because of lower net sales.

Net sales for the quarter ended September 30, 2015 decreased 20% to Rs 1008.9 crore compared with Rs 1,267 crore for the same quarter last year.

The stock opened at Rs 24 and touched a low of Rs 21.45 on the Bombay Stock Exchange. At 11:20am, over 1.3 million shares were traded on both the stock exchanges.