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"The company will continue to focus its efforts on maintaining its business in India aligned with local market dynamics," it said in a statement.
The company's parent, GE, on Monday announced that it intends to exit the new build coal power market, subject to applicable consultation requirements. GE's steam power business will work with customers on existing obligations as it pursues this exit, which may include divestitures, site closings, job impacts and appropriate considerations for publicly held subsidiaries. GE will continue tofocus on and invest in its core renewable energy and power generation businesses, working to make electricity more affordable, reliable, accessible, and sustainable. GE Steam Power will continue to deliver turbine islands for the nuclear market and service existing nuclear and coal power plants.
Shares of GE Power India have tumbled 13.62% in five trading days from its previous closing high of Rs 427.30 on 15 September 2020. The stock is up 17.7% from its 52-week low of Rs 362.95 registered on 20 May 2020. The counter is 99% away from its 52-week high of Rs 850 hit on 27 September 2019.
GE Power India is engaged in engineering, procurement, manufacturing, construction and servicing etc. of power plants and power equipment.
On a consolidated basis, GE Power posted a net loss of Rs 18.02 crore in Q1 June 2020 wider than its net loss of Rs 8.76 crore in Q1 June 2019. Net sales remained flat at Rs 432 crore in Q1 June 2020 as compared to Rs 428.6 crore in Q1 June 2019.
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