3M India drops after weak Q1 result

3M India lost 3.17% to Rs 21,139.25 after the company reported consolidated net loss of Rs 42.52 crore in Q1 June 2020 as compared to net profit of Rs 90.13 crore in Q1 June 2019.

Total income fell 56.51% to Rs 352.59 crore in Q1 June 2020 over Q1 June 2019.

The announcement was made after market hours yesterday, 13 August 2020.

3M India and its subsidiary 3M Electro & Communication India's operations and the financial results for the quarter ended 30 June 2020 have been adversely impacted by the outbreak of Covid-19 pandemic and the consequent lockdown announced by the Government of fndia due to which the operations were suspended for part of the quarter and gradually resumed with requisite precautions as per the directives issued by Government of India from time to time.

3M India is a technology company which offers tapes, adhesives, advanced ceramics, sealants, specialty materials, closure systems for personal hygiene products, as well as offers scotch masking tape, scotch filament tape and scotch packaging tape.

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