Stock price of the Vijay Mallya-promoted United Spirits witnessed steep decline of 30 per cent in the recent trading at Bombay Stock Exchange. The development came a day after the company announced its financial results for third quarter ended December 31, 08.

The company posted 65.29% decline in its net profit that adversely hit investor's confidence in the volatile market. Experts believe that its revenue may further drop amid tough conditions of financial market.

Company's net profit stood at Rs 30.59 crore in the reporting quarter as compared to Rs 88.15 crore in the same period last year. Low availability of cane, fluctuating fuel prices and some local and global factors impacted its revenue during the period. However, total income of company increased to Rs 1,040.24 crore against Rs 896.06 in the previous quarter.

The company witnessed an increase of 17.02% in net sales and posted earnings of Rs 3.05 a share during the quarter. It posted 61.46% appreciation and 2.89% depreciation in interest cost as compared to previous quarter.