Ircon International tumbles 11%; here's why

Shares of Ircon International slumped 10.57% to Rs 95.15 after the company said its board deferred the agenda to issue bonus shares.

The company’s board at its meeting held on Monday, February 15, 2021, deferred the agenda of issuing bonus shares to its subsequent meeting.

The board, however, declared an interim dividend for FY21 at Rs 1.30 per share. The interim dividend will be paid on 3 March 2021 onwards.

On a consolidated basis, the company’s consolidated net profit declined by 28.3% to Rs 102.10 crore on a 11.7% rise in net sales to Rs 1353.03 crore in Q3 FY21 over Q3 FY20.

Ircon is an engineering and construction, specialised in transport infrastructure and is wholly owned by the Ministry of Railways. As on 30 September 2020, the Government of India held 89.18% stake in Ircon International.

With inputs from Capital Market