Shares of Tata Coffee tumbled up to 7 per cent in the morning trade today after the company posted over 51 per cent decline in net profit for the October-December period.
The scrip started on a bearish note and further lost 6.99 per cent to touch an early low of Rs 801 on the BSE. On the NSE, the stock plummeted 6.62 per cent to Rs 800.75.
Later, in the noon session, the scrip wiped off its early losses and was trading up 0.83 per cent at Rs 868.35 on the BSE and up 1.17 per cent at Rs 867.65 on the NSE.
Tata Coffee reported 51.67 per cent dip in net profit at Rs 24.03 crore for the quarter ended December 31, 2011 due to poor performance of one of its coffee brand — Eight O’ Clock. The company had a net profit of Rs 49.73 crore in the same period previous fiscal.