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IIFL Securities stock falls 20% on weak June quarter earnings

IIFL Securities stock hit lower circuit of 20% to Rs 44.60 against previous close of Rs 55.75 on BSE

twitter-logoBusinessToday.In | July 20, 2020 | Updated 17:14 IST
IIFL Securities stock falls 20% on weak June quarter earnings
Later, the stock ended 19.73% lower at Rs 44.75 against previous close of Rs 55.75 on BSE

Share price of IIFL Securities plunged 20% intraday on July 20 after the firm reported a 67% fall in net profit for the quarter ended June. IIFL Securities stock hit lower circuit of 20% to Rs 44.60 against previous close of Rs 55.75 on BSE.

Later, the stock ended 19.73% lower at Rs 44.75 against previous close of Rs 55.75 on BSE. Total 3.39 lakh shares changed hands amounting to turnover of Rs 1.59 crore on BSE. Market cap of the brokerage fell to Rs 1,430 crore.

The stock hit 52 week low of Rs 19.10 on October 15, 2019 and hit 52 week high of Rs 62.65 on February 14 this year. The small cap share has lost 22% in two days. The stock stands higher than 50 day, 100 day and 200 day moving averages but lower than 5 day and 20 day moving averages.

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The share has gained 9.55% since the beginning of this year and 14.45% in one month.

In Q1, profit fell to Rs 41.5 crore compared to Rs 125.37 crore profit an year-ago. In June quarter 2019, the company logged an exceptional gain of Rs 101.72 crore. Revenue from operations in Q1FY21 fell 8.7 percent year-on-year to Rs 149.77 crore against Rs 164.13 crore sales in Q1 of 2018-19. On sequential basis, sales fell 23.8% from Rs 196.53 crore.

Rakesh Jhunjhunwala, wife Rekha earned Rs 9.43 crore with this stock in three months

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