Shares of commodity exchange MCX plunged more than 5 per cent in morning trade after the company’s December quarter net profit declined by 45 per cent.
The stock opened on a weak note at Rs 875.00, then lost further ground and fell to a 52-week low of Rs 845.70, down 5.65 per cent over its previous closing price. On the NSE, the stock opened at Rs 871, then plunged 5.77 per cent to a 52-week low of Rs 844.25.
MCX had yesterday posted a 44.85 per cent fall in consolidated net profit at Rs 18.77 crore for the December quarter due to lower volumes in the bullion segment. It had clocked a net profit of Rs 34.04 crore in the same quarter last year.
Net income declined to Rs 76.52 crore for the October- December quarter of the 2017-18 fiscal from Rs 99.88 crore in the year-ago period. MCX said the average daily turnover in commodity futures dropped by 3.7 per cent to Rs 20,229 crore during the quarter under review compared to the year-ago period.
MCX Managing Director and CEO Mrugank Paranjape said: “The quarter witnessed mixed performance across product segments.”