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Crompton Greaves tanks on weak earnings

Crompton Greaves Ltd (CGL) tumbled by over 10 per cent in afternoon trade on the bourses on Friday after the company's net profit declined by 17.97 per cent in the quarter ended March 31.

twitter-logo PTI        Last Updated: April 29, 2011  | 13:52 IST

Shares of electrical equipment-maker Crompton Greaves Ltd (CGL) tumbled by over 10 per cent in afternoon trade on the bourses on Friday after the company's net profit declined by 17.97 per cent in the quarter ended March 31.

Hit by the disappointing numbers, the scrip made a weak opening on the Bombay Stock Exchange (BSE) and later plummeted by 12.09 per cent to touch a one-month low of Rs 246.30.

The stock received a similar drubbing on the National Stock Exchange as well, where it slipped by 12.31 per cent to touch a low of Rs 246.

On the volume front, over 79 lakh shares of the company were traded within the first one hour of the session.

Crompton Greaves' consolidated net profit fell by 17.97 per cent to Rs 251.43 crore in the fourth quarter ended March 31, vis-a-vis Q4 of the last fiscal.

Meanwhile, the BSE Sensex was trading at 19,235.89, down by 56.13 points, at 1037 hours.


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