GAIL India shares decline post earnings

Tags: Companies
Shares of gas utility GAIL India Ltd today plunged over 7.5 per cent as the company's fourth quarter earnings came in below market estimates.

GAIL's stock ended at Rs 379.05, down 7.56 per cent on the BSE. During the day, the scrip plunged 8.69 per cent to Rs 374.40.

The stock was the top loser on both Sensex and Nifty.

At the NSE, the company's stock tanked 7.59 per cent to Rs 379.

"Results were below our and consensus estimates," said Dhaval Joshi, Research Analyst, Emkay Global Financial Services.

GAIL India had yesterday reported a 57 per cent jump in its fourth-quarter net profit on the back of better petrochemical and LPG prices and drop in subsidy outgo.

GAIL posted a net profit of Rs 972 crore in January-March quarter, up from Rs 618 crore in the same period a year ago, company Chairman and Managing Director B C Tripathi had said.

Net profit was up as the company realised Rs 96,000 per ton price for petrochemicals it produces, against Rs 82,000 a ton in the previous fiscal, he said, adding price realisation on LPG also increased by 8 per cent to Rs 56,000 a ton.

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