Shipping Corporation posts 73% drop in net profit; shares plunge nearly 6%

The shares of Shipping Corporation of India plunged nearly 6% on Friday after the company reported 73% drop in net profit in its quarterly results.

At 1233 hours the shares of the company were trading at Rs 70.20 per piece, down 5.45%, or Rs 4.05 on BSE.

The shares opened at day's high at Rs 71 and touched a low at Rs 67.45.

On Thursday, the company posted 72.56% decline in its net profit at Rs 55.91 crore for the quarter ended on June 30, 2016 as against Rs 203.78 crore for the quarter ended on June 30, 2015.

The total income of the company decreased by 21.67% from Rs 1118.2 crore in Q1FY16 to Rs 875.9 crore in Q1FY17.

The PSU company is the amalgamation of Eastern Shipping Corporation and Western Shipping Corporation.