India’s largest Metal and mining major, Vedanta Limited on Thursday reported a 25.54% decline in its consolidated net profit at Rs 1574 crore for the third quarter ended Dec 31, 2018 on the back of high expenses and fall in commodity prices. The company had posted a consolidated net profit of Rs 2,114 crore in the corresponding quarter year ago.
Operational revenue for the quarter arrived at Rs 23,669 crore as agasint Rs 24,361 crore a year ago. Its consolidated total expenses mounted to Rs. 21,589 crore, from Rs. 20,456 crore a year ago, the company said.
Meantime institutional brokerage CLSA downgraded the Vedanta stock to SELL from BUY and reduced the target price to Rs170 from Rs 250 per share.
Stock reacted negatively on Friday with the result . Vedanta shares plunged over 16 percent on the BSE and NSE demonstrating the biggest loser on Sensex and Nifty. At the mid-non hours today the Vedanta stock traded at Rs 164.95 per share, down 16.42 percent from its previous close of Rs. 197.35 on the NSE. Meantime, benchmark Nifty traded 0.37% up at 10,868-mark and the Sensex up at 36404 up 147 points at around 12.10 pm, Friday.