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Shares of Amara Raja Batteries Ltd slid as much as 9.1 per cent to Rs 756.45, the biggest intra-day percentage loss since November 15, 2016. The stock hit its lowest level since February 6.
The company said on Friday its net profit rose nearly 11 per cent to Rs 110 crore ($16.16 million), but missed analysts' estimates due to weak margins. The Q4 margins dipped, driven by higher lead prices - Morgan Stanley maintains “overweight”, price target at Rs 1,065.
However, margins could move up as lead prices have corrected and higher margin replacement sales could pick up in FY 2019 - Morgan Stanley added.
More than 1.1 million shares changed hands, 2.2 times their 30-day moving average of 532,133.
13 of the 21 analysts covering the stock have a “buy” or higher rating, 4 have “hold” while 4 rate it at “sell” or lower; median PT is Rs 897.50, according to Thomson Reuters data.
Up to Friday's close, the stock had fallen 8.8 per cent in 12 months.
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