Shares of Sterling and Wilson Renewable Energy plunged as much as 8 percent in early morning deals on Wednesday. The sharp selling in renewable energy came after Sterling & Wilson's consolidated net loss widened year-on-year in the April-June quarter owing to depressed growth in revenues along with the rising cost of construction.

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Sterling & Wilson's cost of materials used jumped more than 90 percent year-on-year to Rs 893 crore. The company's revenue came in at Rs 1,207 crore, rising just a percent from Rs 1,195 crore on a year-on-year basis, resulting in widened losses at Rs 356 crore against Rs 76 crore in the corresponding quarter last year.

Sterling and Wilson is an engineering, procurement, and construction firm catering to solar energy companies. Sterling and Wilson Renewable Energy was demerged from Sterling and Wilson in March 2018.

At 1.47 pm, shares of Sterling and Wilson were about 6 percent lower at Rs 290.95. The stock has corrected almost 25 percent so far this year.

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