KPIT Technologies hits 52-week low on heavy volumes

Thus far in 2015, the stock has underperformed the market by falling 58% compared to a 1% rise in Sensex.

Shares of KPIT Technologies dipped 14% to Rs 85, also their 52-week low on the BSE, in early morning trades on the back of an over 10-fold jump in trading volumes.

At 1000 hours, the stock was down 8% at Rs 92 and has seen a combined 6.91 million shares representing 3.5% of the total equity of the company changing hands on the counter on the BSE and NSE.

Since April 28, the market value of information technology (IT) consulting & software company has declined by 45% from Rs 155 after it reported a weak set of numbers for the fourth quarter ended March 31, 2015 (Q4FY15).

The company had reported a 23% quarter-on-quarter decline in its consolidated net profit at Rs 50.31 crore for Q4FY15 against Rs 65.33 crore in December 2014 quarter. Net revenues declined by 2.2% at Rs 762 crore on a sequential basis. EBITDA margins stood at 5.26% against 13.84% in the previous quarter.

Meanwhile, thus far in 2015, the stock has underperformed the market by falling 58% compared to a 1% rise in the S&P BSE Sensex.