GTL Infrastructure stock plunges 8% after disappointing Q1 earnings

MUMBAI: Shares of telecom infrastructure firm GTL plunged by 8 per cent in morning trade on the bourses today after the company reported a 68.14 per cent dip in net profit for the first quarter ended June 30, 2011.

In tandem with the weak broader market trend, shares of GTL slumped by 8.1 per cent to an early low of Rs 47.60 apiece on the Bombay Stock Exchange. A similar trend was seen at the company's counter on the National Stock Exchange, where the stock tumbled by 8 per cent to a low of Rs 47.65.

GTL yesterday reported a 68.14 per cent dip in net profit to Rs 11.94 crore for the first quarter ended June 30, 2011.

The company had posted a net profit of Rs 37.48 crore for the same quarter last fiscal.

GTL's results were announced after the market close yesterday.

Meanwhile, the broader market, too, witnessed heavy selling pressure this morning, with the BSE benchmark Sensex down by 248.05 points at 16,221.74 at 1035 hours.