Shares in Lanco Infratech fall as much as 6.2 percent after the infrastructure developer reports swinging to a consolidated net loss of Rs 441 crore in the April-June quarter from a year earlier.
Morgan Stanley said earnings came below estimates in an email to clients after the earnings.
Lanco shares last down 4.6 percent.Reuters
"The performance was weak across all segments-EPC activity was slower thus impacting revenue, the resources business posted negative EBITDA due to lower export volumes and the power business was weak due to lower profitability at the Amarkantak and Anpara plants," Morgan Stanley said.
EPC refers to engineering, procurement and construction.