Ricoh India plunges 10% on poor Q1 results

MUMBAI: Shares of Ricoh India plunged in early trade and was locked at 10 per cent lower circuit after the company disappointed with its first quarter results.

The company reported a net loss of Rs 15.29 crore during April-June 2014 quarter as against a net profit of Rs 3.18 crore in the corresponding quarter last fiscal.

Net sales for the period increased to Rs 226.3 crore during April-June quarter against sales of Rs 171.1 crore in year-ago period.

The stock has been on a steady rise after Sushil Finance initiated coverage on the stock with target of Rs 280. According to the brokerage, margin expansion and IT services venture were likely to boost profits.

The stock has given up most of the recent gains with a sharp correction in trade today.

At 10:00 a.m.; the stock was at Rs 175.50, down 10 per cent or Rs 19.50, on the BSE.