Aditya Birla Chemicals' shares nosedive 19% on poor earnings

Shares of Aditya Birla Chemicals (India) Ltd (ABCL) today tanked by nearly 19 per cent after the company reported over 90 per cent fall in net profit for the fourth quarter ended March 31.
ABCL's stock ended at Rs 158.50, down 18.09 per cent on the BSE. During the day, the scrip tumbled 18.81 per cent to Rs 157.10.
At the NSE, the stock crashed 18.75 per cent to close the day at Rs 157.55.
The market value of the company fell by Rs 81.32 crore to Rs 370.68 crore.
ABCL had yesterday reported over 90 per cent fall in net profit at Rs 0.74 crore for the fourth quarter ended March 31, due to higher expenditure and tax expenses.

The company had posted the net profit of Rs 7.85 crore in the same period in the year 2012-13.
Total income during January-March quarter of the year 2013-14 increased to Rs 281.74 crore from Rs 211.80 crore during same period in previous year, the company had said in a BSE filing.
Profits of the company were down during the quarter as its tax expenses jumped to Rs 14.03 crore in fourth quarter of year 2013-14 from Rs 1.85 crore in the same period in the year 2012-13.