The stock price of the state-run company initially plummeted by up to 6 percent but later recovered to trade at Rs 544.8, down 3.71 percent on the NSE as of 2:25 pm.
Rail Vikas Nigam Limited (RVNL) reported a 34.7% drop in net profit for the June quarter, totaling ₹223.92 crore, down from ₹343.09 crore in the same period last year, according to an exchange filing.
Following the announcement, RVNL’s shares fell nearly 6% on August 8. The stock initially dropped by 6% but later rebounded to ₹544.80, marking a 3.71% decline on the NSE as of 2:25 PM.
The company’s revenue from operations also saw a decline of 26.9%, falling to ₹4,073.8 crore in the June quarter from ₹5,571.57 crore in the previous year. This was a decrease from ₹6,714.01 crore in the March quarter.
Earlier this week, RVNL’s stock experienced a significant drop of 8% amid broader market turmoil, marking the steepest decline among public sector undertakings (PSUs). On August 5, the BSE PSU and CPSE indices fell by up to 4%, aligning with the overall decline in Sensex and Nifty, with all index components trading in the red.
In July, RVNL had secured a ₹132 crore order from Central Railways.
