Mahindra & Mahindra shares fall 6% after weak Q1FY20 earnings

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Published: August 7, 2019 5:48:47 PM

Mahindra & Mahindra (M&M) shares plunged 6 per cent Wednesday after the auto major posted a 52.56 per cent fall in consolidated profit after tax in the quarter ending June 2019.

kashmir sensex, markets kashmirIts total income at the end of the June 2019 quarter stood at Rs 26,289.48 crore as compared to Rs 26,260.64 crore in the same quarter a year ago.

Mahindra & Mahindra (M&M) shares plunged 6 per cent Wednesday after the auto major posted a 52.56 per cent fall in consolidated profit after tax in the quarter ending June 2019. The shares saw a fall of 5.62 per cent to end the session at Rs 518.45 apiece on the BSE. The stock tumbled 6.22 per cent to hit its 52-week low to Rs 515.10 in the intra-day trade. On the BSE’s benchmark 30-share index the stock was the worst-hit. The shares fell 5.92 per cent to close at Rs 516.90 apiece on the  National Stock Exchange (NSE), shares fell 5.92 per cent to close at Rs 516.90 apiece.

Near about 4 lakh shares traded on the BSE and more than 84 lakh on the NSE on the traded volume front. On Wednesday, M&M reported a 52.56 per cent decline in consolidated profit after tax to Rs 894.11 crore in the first quarter ended June 30, hit by lower vehicle sales. In the year ago period, the company had recorded a consolidated consolidated profit after tax of Rs 1,884.66 crore in the year-ago quarter, M&M said in a regulatory filing.

Also read: Sensex ends 286 points down, Nifty near 10,850 despite rate cut cheer; key reasons behind fall

Its total income at the end of the June 2019 quarter stood at Rs 26,289.48 crore as compared to Rs 26,260.64 crore in the same quarter a year ago.

Meanwhile, the Sensex slumped by more than 286 points to 36,690.50, while the Nifty closed near the 10,850-mark. The stock market witnessed a highly volatile session with the 30-share Sensex swinging 494 points with an intra-day low of 36,610.57 and a high of 37,104.79. The broader NSE Nifty also fell 92.75 points or 0.85 per cent to 10,855.50. During the day, Nifty hit a low of 10,835.90 and a high of 10,975.65.

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