Shares of engineering firm ABB India today plunged over 8 per cent after the company's January-March quarter earnings failed to impress investors amid weak order inflow.
The stock tumbled 7.84 per cent to Rs 1,240.60 at BSE.
On NSE, it slipped 8.13 per cent to Rs 1,236.10.
The company received orders worth Rs 1,830 crore in the first quarter of 2016 (January-March) against Rs 1,856 crore in the same quarter of the previous fiscal.
"Large orders, especially those based on industry capex, remained scarce as customers continued to delay investment decisions on low demand and under-utilised capacity," the company said in a release yesterday.
ABB India posted 30 per cent jump in net profit at Rs 70.98 crore in the January-March quarter as compared to Rs 54.29 crore in the corresponding period a year ago, the company had said.
The firm;s total income increased to Rs 2,015.08 crore for the quarter ended March 31, 2016, from Rs 1,815.29 crore during the same quarter in the year-ago period..
