GMDC fell 5.61% to Rs 98.50 at 9:34 IST on BSE after net profit fell 72.56% to Rs 46.32 crore on 53.70% decline in total income to Rs 205.74 crore in Q2 September 2013 over Q2 September 2012.
The result was announced after market hours on Wednesday, 30 October 2013.
Meanwhile, the BSE Sensex was down 1.79 points, or 0.01%, to 21,032.18.
On BSE, 27,000 shares were traded in the counter compared with average volume of 74,398 shares in the past one quarter.
The stock hit a high of Rs 100.90 and a low of Rs 97 so far during the day. The stock hit a 52-week high of Rs 221.70 on 23 November 2012. The stock hit a 52-week low of Rs 76 on 2 August 2013.
The stock had outperformed the market over the past one month till 30 October 2013, rising 16.27% compared with the Sensex's 8.54% rise. The scrip had also outperformed the market in past one quarter, gaining 12.81% as against Sensex's 8.71% rise.
The mid-cap company has an equity capital of Rs 63.60 crore. Face value per share is Rs 2.
Lower production and sales during the quarter in South Gujarat mines was due to prolonged heavy rain, GMDC said.
The total expenses of GMDC declined 31.35% to Rs 133.69 crore in Q2 September 2013 over Q2 September 2012.
GMDC is primarily engaged in exploration and development of mineral resources. The company produces lignite, bauxite, calcined bauxite, fluorspar and manganese ore. It is also engaged in the generation of power. The company offers lignite for various industrial units, including textiles, chemicals, ceramics, bricks and captive power.
As on 30 September 2013, the Gujarat state government held 74% stake in GMDC.
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