SAIL shares plunge 6% as Q1FY17 net loss widens to Rs 535 crore

The shares of Steel Authority of India Ltd plunged nearly 6% on Friday after the company reported net loss of 115% during the quarter ended on June 30.

At 1102 hours the shares of the company were trading at Rs 50.65 per piece, down 5.68%, or Rs 3.05 on BSE.

On Thursday, the company announced that it has reported a net loss of Rs 535.5 crore during Q1FY17 as compared to the net loss of Rs 248.1 crore during the quarter ended on June, 2015.

The company's total income declined from Rs 9699.9 crore in Q1FY16 to Rs 9327.3 crore in Q1FY17, down by 3%.

On year-on year basis, the total expenses lowered at Rs 9604.5 crore in June 2016 from Rs 9856.23 crore same period a year ago.