Hindustan Copper weakens after Q3 net drops 85%

The state-owned metal major reported 85% drop in net profit at Rs 11 crore in the quarter ended December 2014

Shares of Hindustan Copper were down over 3% at Rs 69 after the state-owned metal major reported 85% drop in net profit at Rs 11 crore because of sharp decline in sales.

The company had reported a net profit of Rs 69 crore for the quarter ended December 31,2014.

Net sales for the quarter ended December 2014 declined 44% to Rs 240 crore compared with Rs 427 crore in the same quarter ended December 2013.

The stock opened at Rs 69 and touched a low of Rs 68. At 12:40PM, over 276,000 shares were traded on both the stock exchanges.