Shares of Shipping Corporation of India Ltd (SCI) on Wednesday dipped nearly 3 percent after the company reported a 112.52 percent decline in consolidated net profit for the first quarter of the current fiscal. The stock went lower by 2.62 percent to Rs 109.55 on BSE.

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On NSE, it dipped 2.40 percent to Rs 109.65. State-owned SCI on Tuesday reported a 112.52 percent decline in consolidated net profit to Rs 158.51 crore for the first quarter of the current fiscal.

The company had clocked a consolidated net profit of Rs 336.87 crore in the corresponding period a year earlier, according to a regulatory filing. Its total income declined to Rs 1,048.47 crore in the latest June quarter as against Rs 1,178.43 crore in the year-ago period.

Shipping Corporation said the impact of the second wave of the COVID-19 continued in the first quarter of 2021-22.