Comments
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.
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.