Union Shipping Ministry has increased warning sign over the profitability of SCI

Stocks of SCI (Shipping Corporation of India) on Tuesday extended the prior session’s losses among information that the Union Shipping Ministry has increased warning sign over the profitability of the public sector major among increasing debt and downing margins.

At 11:16 am (IST), the share was at Rs. 73.20, down 2 or 2.7% from the last end. It had earlier hitted a day’s lower of Rs. 71.80 following opening at the day’s higher of Rs. 75. The share had hitted a 52-week higher of Rs. 202.50 on Oct 6, 2010.

The share yesterday plunged to the lowest in over 2 years following a national daily noted that Shipping Corporation of India stands to lose approximately US$200mn from a planned acquisitions of vessels.

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