Crompton Greaves shares dip on poor Q2

Shares of electrical equipment maker Crompton Greaves on Monday dropped 11 per cent after the company reported a 64 per cent dip in consolidated net profit for the July-September quarter.

After opening weak, shares of the company further lost 11.11 per cent to Rs 109.1 on the Bombay Stock Exchange. At the National Stock Exchange, the stock plunged 11 per cent to Rs 109.2. Crompton Greaves' net profit dropped to Rs 42 crore in the quarter ended September, as against Rs 116.6 crore in the same period last year. Net sales grew eight per cent to Rs 2,924 crore in the July-September quarter as compared to Rs 2,705 crore during the same period previous year.

In the broader market, the 30-stock index, the Sensex, was trading at 18,727.5, down 27.9 points at 12:14 pm. At the close of the trade, Crompton Greaves' scrip was down 8.3 per cent at Rs 112.5 on the BSE. During the day, the company stock tanked 11.1 per cent to Rs 109.1. On the NSE, the scrip closed 8.3 per cent lower at Rs 112.6.

"Crompton shares tanked on the back of 64 per cent fall in consolidated net profit for Q2," said Milan Bavishi, head research, of Inventure Growth & Securities.

Meanwhile, the Sensex ended flat at 18,762.8, barely 7.4 points up.