Shares of Shipping Corp plunge 5% on weak Q1 nos

Shares of Shipping Corporation of India (SCI) tanked nearly 5 per cent in afternoon trade on Friday after the company reported a 72.56 per cent drop in June quarter net profit at Rs 55.91 crore compared with the same period last year.

The PSU had posted a net profit of Rs 203.78 crore for the quarter ended June 30, 2015, PTI reported.

Total income for the quarter fell to Rs 875.94 crore from Rs 1,118.22 crore reported for the quarter ended June 30, 2015, SCI said in filing to the Bombay Stock Exchange ( BSE) on Friday.

The company was established on October 2, 1961, by amalgamating Eastern Shipping Corporation and Western Shipping Corporation. At 12:13 pm, shares of the company were trading at Rs 70.70 apiece, down 4.78 per cent from its previous close on BSE.