Marico drops over 10 pc on bourses

MUMBAI: Shares of consumer products-maker Marico tanked over 10 per cent on the BSE today after the company hinted at the possibility of its profit falling short of market expectations in "the next couple of quarters".

The stock, which opened on a weak note, settled 10.12 per cent lower at Rs 143.05 on the BSE. During the day, the stock plummeted 11.37 per cent to touch a low of Rs 141.05.

The stock received a similar drubbing on the National Stock Exchange as well, where it plunged 10.28 per cent to settle at Rs 143.10.

In a regulatory filing yesterday, Marico said the profit after tax (PAT) expectations of financial community members, especially stock market participants, from the company were "somewhat excessive".

"... There is a possibility of our Profit after Tax (PAT) for the next couple of quarters falling short of the current expectations of market participants, particularly our investors and stock analysts," Marico said, citing factors such as high inflation and uncertainty in the global economic scenario.

Decline in the stock was in sharp contrast with the gain in the broader market, with the BSE benchmark Sensex ending 1 per cent higher at 16,876.54.