Essar Oil dips 4 per cent on weak Q4 numbers

Shares of Essar Oil plunged over 5 per cent during Monday's trade, as it reported a loss of Rs 515 crore for the fourth quarter ended March 31. They later pared some of the losses.

Despite bullish opening, at closing, shares of the company was down 3.85 per cent at Rs 49.90 on the Bombay Stock Exchange (BSE). During the day, the stock had tumbled by 5.39 per cent to Rs 49.10.

On the National Stock Exchange, Essar Oil closed at Rs 49.70, down 4.15 per cent from the last closing price.

In terms of volume, 6.09 lakh shares were traded on BSE, while over 25 lakh shares changed hands on NSE.

Essar Oil had on Saturday reported a loss of Rs 515 crore for Q4, 2011-12 due to reversal in sales tax benefits and provisioning related to corporate debt restructuring.

It had a profit of Rs 321 crore in the year-ago period.

Meanwhile, in the broader market, the BSE benchmark Sensex fell 77 points amid selling pressure after the government released inflation data.

With PTI inputs