Trent Limited has plunged as much as 16% to Rs 901 on the National Stock Exchange, after reporting 72% year-on-year (y-o-y) decline in net profit to Rs 3.40 crore for the second quarter ended September 30, 2011 due to high input cost and increase excise duty on branded garments.

Tata Group retail firm had reported a net profit of Rs 12 crore in the same quarter of previous fiscal. However, total income grew 25% to Rs 228 crore on y-o-y basis.

“The results of the quarter have been impacted by a considerable increase in raw material input prices and the introduction of excise duty on branded garments, which were not passed on to customers fully due to market conditions; and higher planned expenditure on brand promotion" the company said in a filing to the stock exchanges.

On the Bombay Stock Exchange, the stock hit a low of Rs 1,020 after opened at Rs 1,060. A combined 8,200 shares have changed hands on the counter on morning deals on both the exchanges.