Titan Company share price was the top loser on Sensex and Nifty in early trade today after the luxury goods firm reported a net loss of Rs 297 crore in June quarter, impacted by lower income due to the COVID-19 pandemic. The firm reported a net profit of Rs 364 crore in the corresponding period of the preceding fiscal.
Share price of Titan Company fell 4.05% or Rs 45 to Rs 1062 against previous close of Rs 1,107 on BSE.
Market cap of the firm declined to Rs 94,371 crore. The large cap stock opened with a loss of 3.14% at Rs 1060 on BSE. On Nifty, the stock lost 4.38% to Rs 1059 against previous close of Rs 1107 on NSE.
The large cap stock is trading higher than 20 day, 50 day and 100 day moving averages but lower than 5 day and 200 day moving averages. Share price of Titan Company has gained 10.23% in the last one month. The stock is down 10.74% since the beginning of this year and fallen 0.7% during last one year. Total 1.16 lakh shares of the company changed hands amounting to turnover of Rs 12.45 crore.
Total income in Q1 fell 61.21% to ?2,020 crore compared to ?5,208 crore in corresponding period of previous fiscal. Titan Company said the disruption caused by the COVID-19 pandemic affected its performance severely, with retail outlets closed for a major part of the quarter, resulting in a decline in income.