Shares of state-run MOIL today fell nearly 3 per cent after the company reported a 48 per cent fall in standalone net profit for the quarter ended June 2016.
The scrip slid 2.75 per cent to end at Rs 252.70 on BSE. Intra-day, it lost 3.5 per cent to Rs 250.75.
On NSE, shares of the manganese miner slipped 2.92 per cent to close at 252.65.
MOIL yesterday reported a 48 per cent fall in standalone net profit at Rs 47.2 crore for the quarter to June due to lower off-take of manganese ore and selling price pressures.
The manganese miner had clocked a net profit of Rs 89.9 crore in the year-ago period, it had said in a BSE filing.
Total standalone income rose marginally to Rs 183.53 crore in the April-June quarter from Rs 182.78 crore during the same period a year ago.
Its total expenses were higher at Rs 161.38 crore during the period under review, from Rs 114.25 crore a year earlier.
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