INSUBCONTINENT EXCLUSIVE:
Shares of Mahindra CIE Automotive on Thursday closed the session marginally lower reacting to the disappointing performance of the company
in December quarter results
On the BSE, the stock traded in the red for the whole session but managed to go above its opening value only at the end of the market hours
It lost as much as 8.5 per cent to its 52-week low at Rs 129 in early trading hours
It settled at Rs 140.05, down 0.67 per cent over the previous close
On the NSE, the stock's opening value equalled its intra-day high while the trading session was in progress
During the day, the scrip touched its 52-week low at Rs 130, down 7.8 per cent
Finally, the stock closed 0.60 per cent lower at Rs 140.15
In terms of volume, the number of shares traded on the NSE was more than 4.3 lakh while it was just 26,000 on the BSE
This is the 10th consecutive session that the scrip has rested in the red zone
It has lost nearly 18 per cent since February 13, on the BSE
The company on Wednesday reported 91.1 per cent loss in consolidated profit after tax at Rs 12.61 crore for December quarter as compared to
Rs 142.03 crore in the year-ago period
Revenue from operations for the said quarter stood at Rs 1,722.93 crore as against Rs 1,975.02 crore in the same period of previous fiscal
The company is Mahindra group's auto component arm.
