Share price of aerospace and defence company Bharat Electronics (BEL) tanked over 8 percent intraday on January 31 after the company's net profit tanked 56.8 percent to Rs 222.68 crore in the December quarter as against Rs 515.52 crore during the previous quarter ended December 2018.
Sales were down 18.41 percent to Rs 2182.72 crore in the quarter ended December 2019 as against Rs 2675.34 crore in the same quarter of the previous year.
The stock witnessed spurt in volume by more than 2.16 times and was quoting at Rs 92.50, down Rs 8.25, or 8.19 percent. It has touched an intraday high of Rs 98.90 and an intraday low of Rs 91.75.
The stock price has declined more than 22 percent in the last three months.
The Board of Directors of the company has declared an interim dividend of Rs 1.40 per equity share of Re 1 each fully paid-up (140 percent) for the financial year 2019-20 and fixed February 12 as the record date for the purpose of payment of interim dividend on equity shares for the financial year 2019-20.
Nifty CPSE was trading near 4-year low, down almost 3 percent, dragged by Bharat Electronics, which was the top loser from the index followed by Oil India Limited and ONGC.