Mahindra CIE Automotive shares hit fresh 52-week low of Rs 169 after the company on Monday reported 62.24 per cent fall in its net profit figures to Rs 4.97 crore for the quarter ended December 2015. Mahindra CIE earned Rs 13.16 crore in the corresponding quarter a year ago.
At 12.02 pm, shares of Mahindra CIE Automotive were trading 11.19 per cent down at Rs 171.35 on BSE. The scrip opened at Rs 192.70 and has touched a high and low of Rs 192.70 and Rs 169, respectively, in trade so far. Later, the shares of the company settled the day 8.32 per cent down at Rs 176.90
During the quarter under, a Supreme Court ruling restricting sales of diesel vehicles in Delhi negatively impacted key customers Mahindra & Mahindra and Tata Motors.
Gross sales of the company grew 5.86 per cent year-on-year to Rs 365.98 crore during October-December 2015 period.
(With agency inputs)