Shares of Hindustan Zinc fell nearly 3% on April 24 after the company on Friday reported a 12% year-on-year decline in consolidated net profit to Rs 2,583 crore for Q3FY23.

A drop in net profit weighed on investor sentiment. Shares of Hindustan Zinc were trading at around Rs 315.70 per share at 10:33 am, down 2.7% from their previous close on the BSE.

The company’s total sales stood at Rs 8,509 crore, down 3% from Rs 8,797 crore in the same period last year. Zinc sales fell the most, at 9%, while sales of other metals rose.

Operating income also fell 4% to Rs 8,281 crore in the reported quarter, mainly due to lower zinc, lead and silver prices, partially offset by higher metal and silver sales.

During the quarter, the company reported its best-ever production of 301 kilotons (kt) of mined metal and 269 kt of refined metal.

Hindustan Zinc shares have risen more than 85% over the past three years. However, the stock has fallen more than 8% over the past year.