Inox Wind shares tank 16% as Q1 net falls

Shares of wind turbine maker Inox Wind today slumped 16 per cent after the company reported 80 per cent decline in consolidated net profit for the first quarter ended June 30.
The scrip after a weak opening further plunged 16 per cent to Rs 161 -- its 52-week low -- on BSE.
At NSE, shares of the company nosedived 14.94 per cent to hit its one year low of Rs 163.
Inox Wind on Friday reported an 80 per cent decline in consolidated net profit at Rs 11.82 crore for the quarter.
Stock exchanges remained closed yesterday on account of 'Ganesh Chaturthi'.

The firm had clocked a net profit of Rs 60.42 crore in the year-ago period, it had said in a BSE filing.
Total consolidated income of the company fell 32 per cent to Rs 435 crore in April-June quarter this fiscal from Rs 644 crore during the same quarter in 2015-16.
Its total expenses were lower at Rs 399 crore as against Rs 557 crore during the period under review.