Mahindra CIE plunges 12% on weak Q3 numbers

NEW DELHI: Shares of Mahindra CIE ended the day with losses of 8.2 per cent in Tuesday’s trade after the company posted weaker-than-expected December quarter earnings.

The company’s profit after tax (PAT) declined 61 per cent to Rs 5 crore from Rs 13.1 crore reported for the same quarter of last financial year.

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Reacting to the earnings, the scrip slumped 12.41 per cent to hit its fresh 52-week low of Rs 169 on the BSE. The company’s total revenue in the quarter under review saw a marginal uptick of 2.3 per cent to Rs 396.3 crore.

The stock has cracked over 30 per cent in the year so far and is trading with a negative EPS (earnings per share) of 17.41.