Punj Lloyd shares slip over 3% at close

Trimming most of its sharp initial losses, shares of engineering conglomerate Punj Lloyd fell by over 3 per cent at close today.
After plunging 13.68 per cent to Rs 21.45 during the day, shares of the company later recovered some of the lost ground and ended at Rs 24.05, down 3.22 per cent on BSE.
At NSE, shares of the company slipped 3 per cent to Rs 24.15.
Sharp fall in the stock in morning trade came after the company reported widening of net loss to Rs 283.20 crore for the July-September quarter due to decline in income.
It had reported a net loss of Rs 263.51 crore for the second quarter of the previous fiscal.

Total income from operations dipped 20.37 per cent to Rs 1,008.89 crore during the quarter under review from Rs 1,267.01 crore in the same quarter of the last fiscal, the company had said in a regulatory filing on Friday.
Total expenses for the period stood at Rs 1,141.35 crore against Rs 1,464.03 crore in the second quarter of the previous fiscal.
Punj Lloyd Group offers EPC services in energy and infrastructure along with engineering and manufacturing capabilities in the defence sector.