Crompton Greaves tanks for 2nd consecutive day

Shares of electrical appliances maker Crompton Greaves slipped for the second consecutive day today after the company reported a 58% decline in consolidated net profit for the first quarter of this fiscal.

After an over 14% fall yesterday, shares of Crompton Greaves plunged by another 12% to a 52-week low of Rs 182.75 on the Bombay Stock Exchange today.

On the National Stock Exchange, the stock met with a similar fate, tumbling by another 12% after a 14% fall yesterday to a 52-week low of Rs 181.80.

The stock, however, regained some lost ground later and was trading at Rs 184.60, down 11.10%, on the BSE and at Rs 182.10, lower by 12.58%, on the NSE at 1116 hours.

Marketmen said the decline in the stock was a knee jerk reaction to the poor first quarter numbers of the company.

Crompton Greaves yesterday reported a 58.36% decline in consolidated net profit to Rs 79.47 crore for the quarter ended June 30, mainly due to a rise in raw material expenses.

The company had posted a net profit of Rs 190.85 crore in the corresponding quarter last year.

Meanwhile, both the 30-share Sensex and wide-based Nifty were trading in the positive zone in the first half of trade today.