Published on 27th February 2012
Leading the way lower was India-focused power generation and oil and gas group Essar Energy, after reporting a sharp drop in profits in the 12 months ended December 31st. When accounting for the reversal of a sales tax benefit - due to the Indian Supreme Court ruling against a sales tax deferment - the group fell to a pre-tax loss of $881.1m, from a profit of $365.5m the year before.