NMDC, a state-controlled mineral producer, announced a reduction in the price of lump ore by Rs 100 to Rs 2,850/- WMT with effect from Sept. 1, 2015. Earlier on July 4, the company fixed lump ore at Rs 2,950/- WMT.

The company has kept price of fines unchanged at Rs Rs1660/- WMT effective from Sept. 1, 2015. The company said prices of lump ore and fines does not include royalty, taxes, duties and levies. 

Recently, the company declared a substantial drop in standalone net profit for the quarter ended June 2015. During the quarter, the profit of the company declined 47.25% to Rs 10,101.20 million from Rs 19,150.10 million in the same quarter previous year. Revenues for the quarter declined 48.04% to Rs 18,064.30 million.

Shares of the company declined Rs 4.2, or 4.09%, to settle at Rs 98.45. The total volume of shares traded was 286,909 at the BSE (Friday).