Gati shares plunge 7% as Q2 net profit drops

Shares of logistics service provider Gati Ltd today slumped 7 per cent after the company reported 16.4 per cent drop in consolidated net profit for the quarter ended September 30.
The stock plunged 7.03 per cent to settle at Rs 152.05 on BSE. During the day, it tumbled 7.79 per cent to Rs 150.80.
At NSE, shares of the company slipped 6.8 per cent to Rs 152.70.
In terms of volume, 8.62 lakh shares of the company changed hands at BSE and over 26 lakh shares were traded at NSE during the day.
Gati yesterday reported 16.4 per cent drop in consolidated net profit at Rs 5.79 crore for the quarter ended September 30.

The company's net profit in the corresponding quarter of the previous fiscal was Rs 6.93 crore, Gati had said in a regulatory filing.

The total income from operations of the company during the September quarter also declined to Rs 404.94 crore from over Rs 411.85 crore in the year-ago period.
Gati operates a fleet of more than 5,000 vehicles on road, and over 3,100 business partners across India.
The company has a strong market presence in the Asia Pacific region and SAARC countries.