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Shipping Corporation shares tumble nearly 3% after Q1FY22 earnings

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Shares of Shipping Corporation of India Ltd (SCI) on Wednesday dipped nearly 3 percent after the company reported a 112.52 percent decline in consolidated net profit for the first quarter of the current fiscal. The stock went lower by 2.62 percent to Rs 109.55 on BSE.

Shipping Corporation shares tumble nearly 3% after Q1FY22 earnings
Shares of Shipping Corporation of India Ltd (SCI) on Wednesday dipped nearly 3 percent after the company reported a 112.52 percent decline in consolidated net profit for the first quarter of the current fiscal. The stock went lower by 2.62 percent to Rs 109.55 on BSE.
On NSE, it dipped 2.40 percent to Rs 109.65. State-owned SCI on Tuesday reported a 112.52 percent decline in consolidated net profit to Rs 158.51 crore for the first quarter of the current fiscal.
The company had clocked a consolidated net profit of Rs 336.87 crore in the corresponding period a year earlier, according to a regulatory filing. Its total income declined to Rs 1,048.47 crore in the latest June quarter as against Rs 1,178.43 crore in the year-ago period.
Shipping Corporation said the impact of the second wave of the COVID-19 continued in the first quarter of 2021-22.