May 16, 2019 / 5:19 AM / 4 months ago

BUZZ-India's Torrent Power sees worst day in about 8 months on profit slump

** Shares of Torrent Power Ltd down as much as ~6% at 231.05 rupees - biggest daily pct loss since Sept 2018

** Power generator’s March-quarter profit falls ~88% to 267.6 mln rupees ($3.81 mln), hurt by higher tax expenses

** Co’s forward PE of 11.07 is higher vs sector avg of 9.63

** In comparison, rival Power Grid Corp has forward PE of 9.65, while Tata Power Company Ltd’s forward PE is 9.81

** Torrent stock at its lowest level since Feb 25 ($1 = 70.1987 Indian rupees) (Reporting by Harish Bhaskar in Bengaluru)

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