Power equipment major, Bharat Heavy Electricals Ltd (BHEL), reported a slump in net profits to Rs 465 crores, as against Rs 3238 crores in the previous quarter.
Sales revenue was lower plagued by large scale problems in the power sector. Net sales came in at Rs 6352 crores for the quarter ending June 30, 2013, as against Rs 18,850 crores, reported for the quarter ending March 31, 2013.
Shares of the company have fallen dramatically and are expected to fall even further when the stock opens for trading on Monday. Shares of BHEL last closed at Rs 149 on the National Stock Exchange.