Defying the bullish market trend, shares of Steel Authority of India Ltd (SAIL) fell by up to 5.18 per cent on the bourses today to their lowest level in one year after the company reported a fall in first quarter net profit.
The company's stock went down by 5.18 per cent to hit a 52-week low of Rs. 119.80 on the NSE, while on the BSE, the scrip dropped by 4.94 per cent to hit a one-year low of Rs. 120.10.
SAIL has reported a 29 per cent dip in net profit to Rs. 838 crore for the first quarter of the current fiscal.
The state-run firm had posted a net profit of Rs. 1,177 crore for the same quarter last fiscal.
In contrast to the fall in the company's share prices, the BSE's 30-share Sensex index was trading higher by 163.68 points at 18,360.88 at 1135 hours.
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