Stocks

Crompton Greaves m-cap down by Rs 4,180 cr

PTI Mumbai | Updated on July 20, 2011 Published on July 20, 2011

Shares of electrical appliances maker Crompton Greaves today tanked over 14 per cent for the second consecutive day today, eroding the market capitalisation of the company by as much as Rs 4,180 crore.

The scrip, which had tumbled 14 per cent yesterday, tanked further 14 per cent today and settled for the day at Rs 176.95 on the Bombay Stock Exchange.

In the last two trading sessions, the market valuation of the stock declined by Rs 4,180 crore to Rs 11,351 crore today from Rs 15,531 crore on July 18.

On the National Stock Exchange, the scrip tumbled by another 15 per cent after a 14 per cent fall yesterday.

Kejriwal Research and Investment Services Director, Mr Arun Kejriwal, said: “the stock is reacting to bad first quarter numbers and on reports of an insider trading activity wherein S M Trehan sold 1.8 lakh shares of the company between June 29-July 1’’.

The company had yesterday reported a 58.36 per cent decline in consolidated net profit to Rs 79.47 crore for the quarter ended June 30, 2011 mainly due to a rise in raw material expenses.

It had posted a net profit of Rs 190.85 crore during the corresponding quarter last fiscal.

Published on July 20, 2011
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