Sesa Goa tumbles 8% on drop in net

The stock tumbled to a low of Rs 317 and finally settled at Rs 319, down 8% from the previous close. The counter clocked volumes of 4.2 million shares as compared to the two-week daily average traded volumes of 3.68 million shares.
_______________________________________________

(Updated at 1041hrs)

Sesa Goa has slipped 6% on the back of a fall in net profit in FY10.

The stock today opened at Rs 342 and then tumbled to a low of Rs 312. The scrip is now trading at Rs 328, down over 5.5% from the previous close.

The counter has clocked trades of 1.32 million shares as compared to the two-week daily average traded volumes of 3.68 million shares on the BSE.

Sesa Goa posted a 54.55% drop in net profit at Rs 139.11 crore during the quarter ended September owing to lack of demand for iron ore and metallurgical coke.

Income fell 38.71% to Rs 537.37 crore, compared with Rs 876.76 crore in September 2008 quarter.