Punj Lloyd shares tank nearly 17% as Q1 net loss widens

Shares of engineering conglomerate Punj Lloyd today tanked nearly 17 per cent after the company reported widening of net loss to Rs 597.84 crore for the April-June quarter.
The stock plunged 16.64 per cent to Rs 26.30 at the BSE.
On NSE, it slumped 16.77 per cent to Rs 26.30.
The company had reported a net loss of Rs 363.92 crore for the first quarter of the previous fiscal.
Its total income from operations dipped sharply 40.98 per cent to Rs 657.35 crore during the quarter under review, from Rs 1,113.83 crore in the same quarter of the last fiscal, the company had said in a BSE filing on Friday.

Total expenses for the period stood at Rs 1,050.58 crore during the quarter against Rs 1,445.58 crore a year ago.
The Punj Lloyd Group offers EPC services in energy and infrastructure along with engineering and manufacturing capabilities in the defence sector.