Comments
Shares of electrical appliances maker Crompton Greaves slipped for the second consecutive day today after the company reported a 58 per cent decline in consolidated net profit for the first quarter of this fiscal.
After an over 14 per cent fall yesterday, shares of Crompton Greaves plunged by another 12 per cent to a 52-week low of Rs 182.75 on the Bombay Stock Exchange today.
On the National Stock Exchange, the stock met with a similar fate, tumbling by another 12 per cent after a 14 per cent fall yesterday to a 52-week low of Rs 181.80.
The stock, however, regained some lost ground later and was trading at Rs 184.60, down 11.10 per cent, on BSE and at Rs 182.10, lower by 12.58 per cent on NSE at 11.16 a.m.
Marketmen said the decline in the stock was a knee-jerk reaction to the poor first quarter numbers of the company.
Crompton Greaves yesterday reported a 58.36 per cent decline in consolidated net profit to Rs 79.47 crore for the quarter ended June 30, mainly due to a rise in raw material expenses.
The company had posted a net profit of Rs 190.85 crore in the corresponding quarter last year.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.