Aditya Birla Nuvo shares down over 6%

Shares of the firm declined following 42% decline in net profit for the fourth quarter.

Shares of Aditya Birla Nuvo today declined over 6 per cent,following 42 per cent decline in consolidated net profit for the fourth quarter ended March 31,2012.

Extending initial losses,the company’s shares ended at Rs 756,down 6.35 per cent on the BSE. During the day,the stock lost 6.47 per cent to Rs 755.05.

At the National Stock Exchange,the scrip settled 6.34 per cent lower at Rs 755.

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Aditya Birla Nuvo yesterday posted 42 per cent decline in consolidated net profit for the fourth quarter ended March 31,2012 at Rs 170.27 crore,primarily due to a tax related exceptional item of over Rs 103 crore.

For the quarter ended March 31,2011,the company’s net profit was Rs 293.56 crore.

The multi-business conglomerate operates in areas such as financial services,telecom,fashion and lifestyle,IT and ITES,agri products,yarn and textile manufacturing.

Meanwhile,in the broader market the BSE benchmark Sensex finished the day at 16,030.09,down 298.16 points.

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