SAIL shares fall to 1-year low after profit dips

Defying the bullish market trend, shares of Steel Authority of India Ltd (SAIL) fell by up to 5.18% on the bourses today to their lowest level in one year after the company reported a fall in first quarter net profit.

The company's stock went down by 5.18% to hit a 52-week low of Rs 119.80 on the NSE, while on the BSE, the scrip dropped by 4.94% to hit a one-year low of Rs 120.10.

SAIL has reported a 29% dip in net profit to Rs 838 crore for the first quarter of the current fiscal.

The state-run firm had posted a net profit of Rs 1,177 crore for the same quarter last fiscal.

 

In contrast to the fall in the company's share prices, the BSE's 30-share Sensex index was trading higher by 163.68 points at 18,360.88 at 1135 hours.