Shares of Bharat Heavy Electricals Ltd plunged over 9 per cent Tuesday despite the firm posting a 25.30 per cent jump in net profit for the December 2018 quarter. The stock tumbled 9.18 per cent to close at Rs 58.90 on the BSE. Intra-day, it dived 13.26 per cent to Rs 56.25, its 52-week low.
On the National Stock Exchange (NSE), shares cracked 9.39 per cent to end at Rs 58.85 apiece. The results failed to meet market estimates.
In terms of the traded volume, 44.89 lakh shares changed hands at the BSE and over 4 crore units on the NSE. State-run engineering firm BHEL posted a 25.30 per cent jump in net profit to Rs 191.95 crore for the December 2018 quarter, compared to Rs 153.19 crore in the year-ago period. Expenses, however, went up in the reported quarter. Total expenses rose to Rs 7,287.82 crore, compared with Rs 6,644 crore in the third quarter of 2017.
(With inputs from agencies.)