BHEL shares dive nearly 9%; mcap drops Rs 3,255 cr

Shares of BHEL today plunged nearly 9 per cent, wiping off Rs 3,255 crore from its market valuation, after the company posted a sharp 57 per cent fall in standalone net profit for the March quarter.
The stock ended the day with a loss of 8.68 per cent at Rs 140 on the BSE. During the day, it tanked 12.81 per cent to Rs 133.65.
On the NSE, shares of the company plummeted 8.44 per cent to close at Rs 140.40.
Led by the sharp fall in the stock price, the company's market valuation declined by Rs 3,254.6 crore to Rs 34,266.40 crore.

On the volume front, 36.13 lakh shares of the company were traded on the BSE and over 2 crore shares changed hands on the NSE during the day.
State-run BHEL's standalone net profit declined by 57 per cent to Rs 215.55 crore in the fourth quarter due to lower income and provisions for higher wages.
The company had posted a standalone net profit of Rs 505.71 crore in the corresponding quarter of the previous fiscal, BHEL said in a BSE filing yesterday.
Total standalone income decreased to Rs 10,302.79 crore in the quarter under review from Rs 10,870.49 crore a year ago.