Motherson Sumi slumps over 12 per cent as ‘Brexit’ wins over ‘Bremain’ in EU referendum

By: | Updated: June 24, 2016 4:58 PM

Motherson Sumi Systems shares slumped over 12 per cent after it witnessed selling pressure following UK's decision to leave the European Union. The company earns around 70 per cent of its revenues from exports to the Europe.

Motherson Sumi sharesMotherson Sumi Systems shares slumped over 12 per cent after it witnessed selling pressure following UK’s decision to leave the European Union. The company earns around 70 per cent of its revenues from exports to the Europe. (Photo: Reuters)

Motherson Sumi Systems shares slumped over 12 per cent intraday on Friday after it witnessed selling pressure following UK’s decision to leave the European Union. The company earns around 70 per cent of its revenues from exports to the Europe.

At 3.07 pm, Motherson Sumi stocks were trading 8.30 per cent down at Rs 276.80. The scrip opened at Rs 275 and has touched a high and low of Rs 281.85 and Rs 264.55, respectively in trade so far. Later, the scrip settled 8.48 per cent down at Rs 276.25.

The BSE group ‘A’ stock of face value Rs. 1 has touched a 52 week high of Rs 395.85 on 06-Aug-2015 and a 52 week low of Rs 206.20 on 25-Feb-2016.

Last one week high and low of the scrip stood at Rs. 307.60 and Rs. 286.40 respectively. The current market cap of the company is Rs. 35,539.20 crore.

The promoters holding in the company stood at 65.61 per cent while Institutions and Non-Institutions held 23.52 per cent and 10.87 per cent respectively.

Britain voted to leave the European Union in a landmark referendum. The vote — which saw an extremely high turnout of around 72 per cent — reverses the public verdict back in 1975, when the UK voted to remain a member of then European Economic Community, which later became the EU.

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