Power Grid Shares Tumble Over 5%, Market Valuation Falls By Rs 9,939.97 Crore

Shares of Power Grid Corporation of India Ltd fell by more than 5 per cent today. (Representational)

New Delhi:

Shares of Power Grid Corporation of India Ltd fell by more than 5 per cent today, after the company posted an over 5 per cent decline in consolidated net profit for the quarter ended June 2023.

The stock declined 5.36 per cent to settle at Rs 251.75 per piece on the BSE. During the day, it fell 5.82 per cent to Rs 250.50.

On the NSE, it tanked 5.16 per cent to Rs 252.30 apiece.

The company was the biggest laggard among the Sensex and Nifty firms.

Its market valuation fell by Rs 9,939.97 crore to Rs 1,75,607.03 crore.

On the BSE, 9.08 lakh shares of the company were traded during the day, while the figure stood at 2.35 crore shares on the NSE.

Power Grid Corporation of India Ltd on Monday posted an over 5 per cent decline in consolidated net profit at Rs 3,597.16 crore due to increased finance costs.

It had reported a net profit of Rs 3,801.29 crore during the April-June period of the preceding 2022-23 fiscal, the company said in a regulatory filing.

The company’s total income, however, rose to Rs 11,257.60 crore from Rs 11,168.54 crore in the year-ago quarter.

Finance cost increased to Rs 2,057.23 crore from Rs 1,959.70 crore a year ago.

In a separate statement, the company said it incurred a capital expenditure of Rs 1,506 crore during Q1 FY24.
 

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