GAIL shares down nearly 7% as net profit drops

Shares of state-owned gas utility GAIL India Ltd today fell by nearly 7 per cent after the company posted a massive 64 per cent drop in December quarter net profit.
GAIL India's scrip tumbled 6.58 per cent to Rs 392.30 at the BSE.
The stock was the top loser among the 30-Sensex constituents.
On the NSE, it was down 6.79 per cent to Rs 391.
GAIL India Ltd had on Friday posted a massive 64 per cent drop in its December quarter net profit as it could not sell imported gas contracted at higher price.
Net profit in October-December at Rs 604.08 crore was 64 per cent lower compared to Rs 1,679.4 crore in the same period a year ago, the company had said in a statement.

The profit was impacted by "lower off take of long-term contracted LNG by power and fertiliser plants," it had said.