Puravankara shares plunge over 15% on disappointing earnings

Shares of realty firm Puravankara Projects Ltd today slumped more than 15 per cent after the company reported 15 per cent fall in consolidated net profit for the quarter ended June.
Puravankara's stock settled at Rs 82.10, down 15.19 per cent from its previous close on the BSE. During the day, it tumbled 18.75 per cent to Rs 78.65.
At the NSE, the scrip fell sharply by 14.36 per cent to close the day at Rs 82.60.
The company's market value dipped Rs 348 crore to Rs 1,947 crore.
On the volume front, 4.14 lakh shares of the company changed hands at the BSE, while over 13 lakh shares were traded at the NSE during the day.

Puravankara Projects had yesterday reported 15 per cent fall in consolidated net profit at Rs 58.25 crore for the quarter ended June on higher expenses.

It's net profit stood at Rs 68.17 crore in the year-ago period.
However, the company's income from operations rose by 25 per cent to Rs 461.62 crore in the first quarter of this fiscal against Rs 368.97 crore in the corresponding period of last fiscal.
The firm's total expenses increased by 55 per cent to Rs 328.10 crore during the quarter ended June from Rs 211.15 crore in the year-ago period.