Tata Global Beverages shares plunged over 5 per cent in the early deals on Thursday after the company reported 29.78 per cent fall in its consolidated net profit at Rs 59.15 crore for the third quarter ended December 2015, dragged by currency fluctuations and expenses on promotions in global markets. The company had posted a net profit of Rs 84.24 crore in the same quarter a year ago.
At 9.38 am, shares of Tata Global Beverages (TGBL) were trading 5.15 per cent down at Rs 112.25. The scrip opened at Rs 113.80 and had touched a high and low of Rs 115 and Rs 111.50, respectively, in trade so far. Later, the scrip settled 11.49 per cent down at Rs 104.75.
The company’s consolidated net sales during the quarter under review was down 2.80 per cent to Rs 2,050.63 crore as against Rs 2,109.73 crore during the same period in the previous fiscal.
TGBL’s total expense during the quarter was Rs 1,947.35 crore, down 1.64 per cent to Rs 1,979.82 crore in the third quarter of 2014-15.
In the past one year, the share price of Tata Global Beverages declined 21.91 per cent to Rs 118.35 on Feb 10, 2016. Sensex slipped 16.21 per cent during the same period.