Shares of HEG plunged over 11 per cent in Wednesdays early trade after the company reported a consolidated net loss of Rs 1.23 crore for the quarter ended December 31.The leading manufacturer and exporter of graphite electrodes posted a net profit of Rs 865.45 crore in the corresponding quarter last year.Revenue from operations declined 78.89 per cent YoY to Rs 393.69 crore during the quarter under review.The scrip traded 11.21 per cent down at Rs 1,043.40 at around 10.05 am, while the benchmark BSE Sensex was up 385 points, or 0.93 per cent, at 41,600.On a standalone basis, net profit of the company dropped 99.31 per cent YoY to Rs 5.94 crore in Q3FY20.Promoters held 59.62 per cent stake in the company as of December 31.
Retail investors, mutual funds and insurance companies had 16.26 per cent, 0.22 per cent and 7.82 per cent stake in the company, respectively.On the other hand, shares of Graphite India were down 4.92 per cent at Rs 291.80.
The company is scheduled to announce its financial results on February 14.
Promoters held 65.22 per cent stake in Graphite India as of December 31.
Retail investors, mutual funds, and insurance players had 14.53 per cent, 0.70 per cent and 3.47 per cent stake in the company, as per data available with BSE.