CarTrade Tech hits all time low

CarTrade Tech fell 3% to Rs 570.15, extending its losing run to third consecutive trading session.

Shares of CarTrade Tech have declined nearly 9.67% in three trading sessions from its previous closing high of Rs 631.25 posted on 16 February 2022. The counter has fallen nearly 65% from its 52-week high of Rs 1610 hit on 20 August 2021. The stock hit an all-time low of Rs 563.50 in intraday today.

In one month, the stock has fallen 30% as compared to a nearly 2% fall in Nifty 50 index.

On the technical front, the stock's RSI (relative strength index) stood at 22.135. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock is trading above its 50 and 100 days simple moving average placed at 781.10 and 966.24 respectively. These levels will act as crucial support zones in near term.

The company reported a consolidated net loss of Rs 23.36 crore in Q3 FY22 as compared to a net profit of Rs 18.16 crore posted in Q3 FY21. Net sales rose 14.7% to Rs 88.78 crore in Q3 FY22 over Q3 FY21.

CarTrade Tech is a multi-channel auto platform with coverage and presence across vehicle types and value-added services. Its platforms operate under several brands: CarWale, CarTrade, ShriramAutomall, BikeWale, CarTrade Exchange, Adroit Auto and AutoBiz. Through these platforms (proprietary Websites/Apps), the company enable new and used automobile customers, vehicle dealerships, vehicle OEMs and other businesses to buy and sell their vehicles in a simple and efficient manner.

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