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Engineers India tumbles over 5% on weak Q4 earnings
Engineers India Ltd (EIL) share price fell over 5 percent on Wednesday after the public sector undertaking (PSU) reported a weak set of numbers for the March quarter. The navratna company reported a 79.2 percent decline in its consolidated net profit to Rs 24.93 crore in Q4 FY21 as against Rs 119.69 crore in Q4 FY20. This was largely on the back of an exceptional write-off worth Rs 154.96 crore on account of shortfalls in its PF corpus due to defaults by some of the PF trusts it had invested through. The stock fell as much as 5.6 percent to its day’s low of Rs 82.90 per share on the BSE.