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Shares of Eicher Motors on Friday tanked nearly 5 per cent after the company reported a consolidated net loss of Rs 55 crore for the first quarter ended June 30.
The stock tumbled 4.54 per cent to Rs 20,686.05 on the BSE. At the NSE, it plunged 4.57 per cent to Rs 20,682.
Eicher Motors on Thursday reported a consolidated net loss of Rs 55 crore for the first quarter ended June 30, as sales were adversely hit due to the Covid-19 pandemic. The company had posted a net profit of Rs 452 crore in the April-June period of last fiscal.
Total revenue declined 66 per cent in the first quarter to Rs 818 crore, as compared with Rs 2,382 crore in the same period of 2019-20, Eicher Motors said in a statement.
“The previous quarter put forth unprecedented challenges for the industry and for Eicher Motors. However, we believe that the long term potential for both Royal Enfield and VECV is very promising,” Eicher Motors Managing Director Siddhartha Lal, said.
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