Jaiprakash Asso shares tank 4% in early trade on weak Q3 nos

Jaiprakash Asso shares tank 4% in early trade on weak Q3 nos Mumbai: Shares of Jaiprakash Associates Tuesday declined by over 4 percent in early trade, after the company reported over 64 percent dip in standalone net profit for the third quarter ended December 31.

The shares opened on a weak note and plunged further by 4.19 percent to Rs 69.65 on the BSE.

At the NSE, the stock tumbled 4.32 percent to Rs 69.60.

Jaiprakash Associates had yesterday reported over 64 percent decline in standalone net profit at Rs 110.93 crore for the quarter ended December 31, as interest burden increased by over 20 percent.

The company had a net profit of Rs 309.77 crore in the October-December period of 2011-12.

Its net sales, however, were up 15.32 percent at Rs 3,398.39 crore during the quarter vis-a-vis Rs 2,947.01 crore of the October-December period of FY'12.

Dip in the stock was in contrast with a positive broader market, where the BSE benchmark Sensex was trading at 19,494.62, up 34.05 points at 1100 hrs.

PTI