Inox Wind plunges over 19% post quarterly results

Shares of Inox Wind fell as much as 19.53 per cent in early trade on Monday after the company posted poor Q4 results.

The wind power solutions company logged a dip of 36 per cent in net profit to Rs 127.54 crore in its quarter ended 31 March, 2017.

Its consolidated net profit was Rs 201.12 crore in the corresponding quarter a year ago.

At 11.25 am, the scrip was trading at 16.22 per cent at Rs 176 per share.

Shares of the company opened at Rs 175, falling to an intraday low of Rs 162.50.

"The industry is under-going a significant change in market dynamics by shifting from the FIT based market to an auction based market," the company said in a press release.

"Under the new scenario, our conventional order book loses its relevance, since these orders were under an FIT based market regime. Going ahead, orders are expected to come through the auction route apart from PSUs and captives," it added