Pantaloon stocks dips 4%

The stock opened at Rs 200.18, touched an intra-day high of Rs 209.7 in early morning trade

Stock of Pantaloon Retail, the country's largest retailer, fell nearly 4% today after the company posted first ever stand-alone quarterly loss on Monday.

The company's stock which opened the day at Rs 200.18, touched an intra-day high of Rs 209.7 in the early morning trade and saw a intra-day low of Rs 198.65 in the aternoon trade before closing the day at Rs 200.15.

The company posted its standalone loss of Rs 20.41 crore for the quarter ending December 31, 2012 due to provisioning the company has made for losses in some of investments in recent businesses.

 

Global brokerage JP Morgan placed 'underweight' rating on the stock after the company missed its sales and PBT targets." Uncertainty on the discretionary demand outlook and lack of support from further deals is likely to constrain near-term stock performance," JP Morgan said in a note to its clients today.