Shares of Shree Renuka Sugars Ltd plummeted 6% on 12 February after the company announced its quarterly report for October-December.

In its quarterly report, the company reported a net loss of Rs 172.3 crore for the quarter under review from Rs 14.3 crore net profit reported in the same quarter last year.

The revenue from operations during the quarter stood at Rs 3,014 crore, marking an 18.1% year-on-year increase from Rs 2,552 crore reported in the same quarter of the previous fiscal year.

Furthermore, the Board of Directors of the company approved raising Rs 2,500 crore through QIP (qualified institutional placement).

Atul Chaturvedi, executive chairman of Shree Renuka, said, “The third quarter’s results reflect our steadfast growth in our operations despite the regulatory headwinds of restricted production of cane juice and ‘B’ heavy ethanol.”

In the last six months, the shares of the company have given a return of around 4% against the benchmark Nifty50 index, which has gained over 11% in the same period.

At 12:01 pm, the shares of Shree Renuka were trading 5.66% higher at Rs 46.65 on NSE.