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The shares of Bosch dropped as much as 4.1 per cent to ₹13,700 , their lowest since August 19, 2014.
The technology and services supplier company had reported a 35 per cent drop in June-quarter profit to ₹280 crore ($39.32 million), mainly due to the auto market slowdown during the quarter in all the segments. The revenue fell 13.5 per cent to ₹2,779 crore.
The company had made a provision of ₹82 crore towards restructuring, re-skilling and redeployment, disclosed as an exceptional item in quarterly results, it said in a statement.
Soumitra Bhattacharya, Managing Director said, “The automotive industry in India is going through a paradigm shift. The slowdown is not cyclical, but structural. Shortage of liquidity accompanied by a build-up of inventory will pose a big challenge and the recovery will take longer than expected.”
Up to the last close, Bosch down 27 per cent this year, while peer Motherson Sumi, which posted a 25 per cent drop in Q1 profit on Monday, dived 37 per cent.
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