The Tata Power stock plunged in early trade today after the firm reported a 67.42 per cent decline in consolidated net profit at Rs 204.61 crore for December quarter 2018, mainly on account of higher fuel and borrowing costs.  The company's net profit in the year-ago period stood at Rs 628.16 crore. The net profit of Rs 628.16 crore in the year-ago period was also higher due to one time exceptional item, the firm said. 

The firm announced its Q3 earnings after market hours on Monday. Stock of Tata Power settled at Rs 70.80, down 4.26 per cent from the previous close on BSE.

The midcap stock fell up to 3.31% to 68.45 level in trade today compared to previous close of 70.80 on the BSE.

The stock opened at a loss of 2.90% to 68.75 level. It has been losing for the last five days and fallen 8.78% during the period.

The stock has lost 22.33% during the last one year and fallen 8.93% since the beginning of this year.

11 of 18 brokerages rate the stock "buy" or 'outperform', five "hold" and two "underperform", according to analysts' recommendations tracked by Reuters.

The stock is trading below its 50-day and 200-day moving average of 76.29 and 73.52. The Tata Group firm's total income rose to Rs 7,721.52 crore in the reported quarter from Rs 6,451.31 crore a year ago.

Fuel cost of the company rose to Rs 3,189.87 crore from Rs 2,491.24 crore in the year-ago period.

Similarly, the finance cost rose to Rs 1,013.96 crore from Rs 855.28 crore a year ago.

During April-December 2018, net profit stood at Rs 2,333.09 crore as compared to Rs 1,246.52 crore in the year- ago period.

Total income during the nine-month period was also higher at Rs 22,537.58 crore as compared to Rs 19, 991.94 crore a year ago. Meanwhile, the  Sensex was trading 35 points lower at 35,621. The Nifty too lost 15 points to 10, 646 in early trade.