Motherson Sumi shares plunged over 6 per cent intraday on Tuesday after the company reported lower-than-expected results for the third quarter ended December 2015.
Motherson Sumi shares plunged over 12 per cent intraday on Tuesday after the company reported lower-than-expected results for the third quarter ended December 2015. Consolidated net profit of the company jumped 20.91 per cent year-on-year to Rs 307.35 crore during October-December period against Rs 254.21 crore in the same quarter last year.
At 1.01 pm, Motherson Sumi Systems were trading 9.95 per cent down at Rs 244.45. The scrip opened at Rs 271.45 and touched a high and low of Rs 277 and Rs 238.35 respectively, so far. Later, the scrip settled 11.07 per cent down at Rs 241.40.
Thomson Reuters had earlier estimated the auto parts makers’ net profit will be at Rs 320 crore v/s consensus estimate of Rs 339 crore.
Total income from operations (net) of Motherson Sumi jumped 7.76 per cent year-on-year to Rs 9,859.68 crore during the quarter under review.
In the past one year, the share price of Motherson Sumi dipped 6.94 per cent to Rs 271.45 on February 8, 2016, wheareas the BSE Sensex slid 13.95 per cent during the same period.