Stocks

M&M shares drop over 7% as Q3 profit slumps

PTI New Delhi | Updated on February 10, 2020

Shares of Mahindra & Mahindra (M&M) on Monday dropped over 7 per cent after the company reported 73 per cent decline in consolidated net profit for December quarter 2019.

The scrip tanked 7.16 per cent to close at ₹528.05 on the BSE. During the trade, it tumbled 7.52 per cent to ₹526.

On the NSE, it fell 7.15 per cent to close at ₹528.40.

It was the worst hit among the front line companies on both BSE Sensex and NSE Nifty.

Home-grown auto major Mahindra & Mahindra on Saturday reported 73 per cent decline in consolidated net profit at ₹380 crore for December quarter 2019 due to sluggish vehicle sales.

The company had posted a profit after tax (PAT) of ₹1,396 crore for the same quarter last fiscal, M&M said in a statement.

Its revenue also moderated to ₹12,120 crore in the latest quarter as against ₹12,893 crore in the same period last fiscal, it said.

Vehicle sales during the third quarter stood at 1,23,353 units as against 1,33,508 units in the same period last fiscal, a decline of 8 per cent, the company said.

Published on February 10, 2020

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