Crompton Greaves nosedives 22% as firm reports net loss in Q3

NEW DELHI: Shares of Crompton Greaves nosedived over 22 per cent in early trade on Wednesday after the engineering conglomerate reported a consolidated net loss of Rs 107.03 crore for the December quarter. The company had reported a profit of Rs 274.29 crore for the corresponding quarter last year.

The stock fell 22.59 per cent to hit a 52-week low of Rs 129.35 on BSE. At 9.30 am there were 75,456 buy bids against 2,41,345 sell bids on the counter. The percentage of delivery quantity to traded quantity stood at a mere 21.22 per cent, suggesting prevalence of speculative trading on the counter.

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Crompton Greaves in a regulatory filing to BSE said its total income fell 14.32 per cent YoY to Rs 2,087.52 crore in the December quarter from Rs 2,436.42 crore in the corresponding period of last financial year.

Meanwhile, in a separate filing, the Avantha group company said K N Neelkant will take over as the CEO and MD of the company with effect from February 3 as Laurent Demortier will step down from the post.