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NHPC shares nosedives 16% after earnings announcement

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NewsDrum Desk
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New Delhi: Shares of state-owned NHPC nosedived 16 per cent on Monday after the company posted a 19 per cent fall in consolidated net profit for the December quarter.

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The stock of the company plummeted 15.81 per cent to close at Rs 81.03 apiece on the BSE.

On the NSE, NHPC's shares tumbled 15.38 per cent to settle at Rs 81.45 per piece.

Nearly 39 crore shares were traded on the NSE, while 4.12 crore shares were traded on the BSE during the day.

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In broader equity markets, the 30-share BSE Sensex benchmark declined 523 points, or 0.73 per cent, to end at 71,072.49, while NSE Nifty slipped 0.76 per cent to close at 21,616.05 points.

In a regulatory filing on Monday, NHPC posted a 19 per cent fall in consolidated net profit to Rs 628.44 crore for the quarter due to higher expenses.

The hydro-power producer had reported a net profit of Rs 775.99 crore in the October-December period of 2022-23, the company said.

The company's total income also fell to Rs 2,549.69 crore in the quarter from Rs 2,691.34 crore a year ago, it added.

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