Stocks

Mahindra CIE sees worst day since Feb 2016 on Q1 profit drop

Reuters July 22 | Updated on July 22, 2019 Published on July 22, 2019

Shares of Mahindra CIE Automotive Ltd fell as much as 11.8 per cent to Rs 182.3, their biggest daily percentage loss since Feb 2016.

The auto components supplier on Friday posted a 9 per cent fall in June-quarter profit to Rs 126 crore ($18.25 million).

The stock has an estimated PE of 12.51, below the sector average of 16.90.

The stock is at its lowest since January 2017. Up to the last close, the stock had fallen 19.6 per cent this year, while peer Minda Industries Ltd was down 11 per cent.

Published on July 22, 2019
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