Disappointing Q3 results drag BHEL shares lower by over 13%

Shares of state-run power equipment maker BHEL nosedived by over 13 per cent today, wiping out Rs 3,866 crore from its market valuation, after the company reported standalone net loss of Rs 1,101.99 crore for the quarter ended December 31.
After slumping 14.91 per cent to Rs 102.40 -- its 52-week low -- on BSE during the day, the stock finally ended with a loss of 13.13 per cent at Rs 104.55.
At NSE, shares of the company plunged 13.13 per cent to end at Rs 104.45.
Led by the sharp dip in the stock, the company's market valuation fell by Rs 3,866.34 crore to Rs 25,589.66 crore.

In terms of volume, 31.7 lakh shares of the company were traded at BSE and over two crore shares were traded at NSE during the day.
The stock was the top loser on both Sensex and Nifty.

BHEL yesterday reported standalone net loss of Rs 1,101.99 crore for the quarter ended December 31, due to higher expenses and lower revenues.
The company had reported a net profit of Rs 212.60 crore in the year-ago period, Bharat Heavy Electricals Ltd (BHEL) had said in a filing to BSE yesterday.
Total income from operations declined by 14 per cent to Rs 5,325.57 crore in the October-December quarter 2015-16 compared to Rs 6,197.96 crore in the year-ago period, the filing said.

Revenues from the power segment declined 9.4 per cent to Rs 4,402.14 crore during the quarter over Rs 4,862.35 crore in the year-ago period.