Shipping Corporation shares tumble nearly 3 pc after earnings

Shares of Shipping Corporation of India Ltd (SCI) on Wednesday dipped nearly 3 per cent after the company reported a decline in consolidated net profit for the first quarter of the current fiscal.

The stock went lower by 2.62 per cent to Rs 109.55 on BSE.

On NSE, it dipped 2.40 per cent to Rs 109.65.

State-owned SCI on Tuesday reported a consolidated net profit of Rs 158.51 crore for the first quarter of the current fiscal.

The company had clocked a consolidated net profit of Rs 336.87 crore in the corresponding period a year earlier, according to a regulatory filing.

Its total income declined to Rs 1,048.47 crore in the latest June quarter as against Rs 1,178.43 crore in the year-ago period.

Shipping Corporation said the impact of the second wave of the COVID-19 continued in the first quarter of 2021-22.

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