Tata Power shares down over 3% as net profit plunges

Shares of Tata Power fell by over 3 per cent today after the company's consolidated net profit tumbled 76 per cent for the quarter ended June 30, 2016.
The scrip went down by 3.24 per cent to end at Rs 74.75 on BSE. During the day, it lost 4.46 per cent to Rs 73.80.
On NSE, shares of the company declined by 2.92 per cent to settle at Rs 74.80.
The company's market valuation fell by Rs 675.9 crore to Rs 20,217.10 crore.
Tata Power's consolidated net profit tumbled 76 per cent to Rs 72.49 crore for the quarter ended June 30, 2016 on account of one-time regulatory expense of Rs 272 crore and forex losses of Rs 160 crore.

The company had posted a consolidated net profit after taxes, minority interest and share of profit of associates of Rs 303.14 crore in the year-ago period, Tata Power said in a filing to BSE.
However, in a statement the company said "PAT stood at Rs 72 crore mainly due to one off items as well as first time impact on account of IndAS (Indian Accounting Standards)".
The consolidated total income from operations (net) during April-June quarter was at Rs 6,838.30 crore, registering a decline of 4.8 per cent.