Sobha shares tank 5.5 pc as Q4 net profit slips

Stocks of realty firm Sobha today plunged 5.5 per cent after the firm reported 12 per cent fall in its consolidated net profit for the quarter ended March 31.
The stock settled with a loss of 5.50 per cent at Rs 385.05 on the BSE. Intra-day it dipped 6 per cent to Rs 382.80.
At the NSE, it fell by 5.33 per cent to settle at Rs 385.15.
Moreover, the company's market value fell by Rs 219.05 crore to Rs 3,775.95 crore.
Sobha had yesterday reported 12 per cent decline in its consolidated net profit at Rs 61.5 crore for the quarter ended March 31.

Its net profit stood at 70.2 crore in the year-ago period, Bengaluru-based Sobha had said in a filing to the BSE.

Total income decreased to Rs 509.3 crore in March quarter from Rs 630.7 crore in the corresponding period last year.
For the full financial year, Sobha's net profit rose to Rs 238.1 crore compared with Rs 235 crore in the previous fiscal.
Total income increased to Rs 2,455.5 crore during the fiscal from Rs 2,183.7 crore in the previous year.