Pipavav Defence tanks over 13 pc on weak Q3 numbers

Shares of Pipavav Defence plummeted by over 13 per cent today as the company's net loss widened during the quarter ended December.
The stock slumped 12.87 per cent to settle at Rs 69.40 on BSE. During the day, it plunged 14.5 per cent to Rs 68.10.
On NSE, shares of the company plunged 13.13 per cent to end at Rs 69.45.
As a result, the company's market valuation fell Rs 753.73 crore to Rs 5,109.27 crore.
On the volume front, 13.34 lakh shares of the company changed hands on BSE and over 43 lakh on NSE during the day.
Pipavav Defence's net loss in the third quarter of the current fiscal widened to Rs 293.60 crore due to a sharp decline in income from operations.

The company had reported a net loss of Rs 70.46 crore for the same period last fiscal.
The results were announced post market hours on Friday.
Net income from operations of the company during October-December of 2015-16 declined to Rs 50.53 crore, from Rs 252.02 crore in the year-ago period, Pipavav Defence and Offshore Engineering had said in a regulatory filing.