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Lanco Infratech stock today fell 11 per cent on bourses after the company reported 9 per cent dip in its net profit for the quarter ended June 30,2011,on account of lower revenue realisation from its power business.
After a positive opening,the stock pared its initial gains and tumbled 11.22 per cent intraday before settling 10.70 per cent lower at Rs 16.70 on the Bombay Stock Exchange.
On the National Stock Exchange,Lanco closed 10.99 per cent lower at Rs 16.60 a piece. During the day,the stock tumbled 11.52 per cent to Rs 16.50 a share.
In terms of volume,over two crore shares of the company changed hands on the bourses during the day.
Lanco Infratech today reported 9 per cent decline in net profit for the quarter ended June 30,2011,to Rs 235 crore due to a fall in revenue realisation from its power business.
The company had reported a net profit of Rs 257.4 crore for the corresponding period of the previous financial year (2010-11).
Meanwhile,the BSE 30-share index Sensex closed at 16,730.94,which is 108.69 points lower than its previous close.
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