PNB Gilts Shares Plunge Over 14% After It Swings To Loss In Q2
The company reported a net loss of Rs 48.7 crore year-on-year in the September quarter, owing to higher finance costs.
Shares of PNB Gilts Ltd. tumbled over 14% after it reported a net loss in the July-September quarter of fiscal 2024.
The company reported a net loss of Rs 48.7 crore year-on-year in the September quarter, owing to higher finance costs, according to an exchange filing. This compares to a net profit of Rs 0.7 crore in the same quarter of the previous financial year.
An exceptional item loss of Rs 86,000 was added to the financial results of the current quarter, as it could not be provided for last year, as per the exchange filing. "As the amount is not material, retrospective effect is not taken," the company said.
PNB Gilts Q2 FY24 Key Highlights (YoY)
Total income up 2.17% at Rs 346.9 crore.
Net loss of Rs 48.7 crore vs profit of Rs 0.7 crore.
Shares of PNB Gilts fell as much as 14.13%, the lowest since Oct. 12, before rebounding to trade 12.8% lower at 11:02 a.m., compared to a 0.3% decline in the Nifty 50.
The stock has risen 33.9% on a year-to-date basis. Total traded volume so far in the day stood at 2.6 times its 30-day average. The relative strength index was at 54.7.
