Torrent Power shares dive 18% intraday on weak March quarter earnings

Shares of Torrent Power nosedived nearly 18 per cent in trade on Thursday after the company's net profit for the quarter ended March 2016 went down by over 95 per cent.

The stock tanked 17.58 per cent to Rs 187.20 on BSE and settled the day 11.36 per cent lower.

Company's result came in the post market hours on Wednesday.

Torrent Power reported a net profit of Rs 17.06 crore for the quarter ended March 2016, down 95.38 per cent compared to the year-ago period.

The company had posted a net profit of Rs 369.43 crore in the similar quarter of the previous year.

"Total income is Rs 2,513.7 crore for the quarter ended March 31, 2016 whereas the same was at Rs 2,694.63 crore for the quarter ended March 31, 2015," the company said in a BSE filing.

Torrent Power posted a net profit of Rs 815.96 crore for 2015-16 as against Rs 742.06 crore for the previous fiscal.