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REC slumps over 17% in three sessions

Capital Market 

REC fell 13.53% at Rs 138.65 at 12:57 IST on BSE, extending recent steep losses.

Meanwhile, S&P BSE Sensex was down 53.67 points or 0.14% at 38,666.90.

On BSE, 14.17 lakh shares were traded in REC counter, compared to a 2-week average of 3.4 lakh shares. The share price hit an intraday high of Rs 153.20 and an intraday low of Rs 138.15. It hit a 52-week high of Rs 169.55 on 4 July 2019 and a 52-week low of Rs 89.10 on 23 July 2018.

Shares of REC plunged 17.15% in three trading sessions to its current market price of Rs 138.65, from a recent closing high of Rs 167.35 on 4 July 2019.

The index maintenance sub-committee of NSE Indices decided to exclude shares of REC from the Nifty CPSE index effective from 15 July. The announcement was made yesterday, 8 July 2019.

Net profit of REC surged 49.6% to Rs 1,256.13 crore on a 12.4% increase in total income to Rs 6,685.90 crore in Q4 March 2019 over Q4 March 2018.

State-run REC provides financial assistance to the power sector in all segments, be it generation, transmission or distribution.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, July 09 2019. 13:13 IST