Inox Wind tumbles to record low after dismal Q1 numbers

Inox Wind tanked 6.57% to Rs 179.25 at 15:14 IST on BSE after consolidated net profit slumped 80.4% to Rs 11.82 crore on 32.6% decline in net sales to Rs 432.35 crore in Q1 June 2016 over Q1 June 2015.

The result was announced after market hours on Friday, 2 September 2016. The stock market was closed yesterday, 5 September 2016 on account of Ganesh Chaturthi.

Meanwhile, the S&P BSE Sensex was up 450.19 points or 1.58% at 28,982.30.

The stock declined on heavy volumes. On BSE, so far 4.43 lakh shares were traded in the counter as against average daily volume of 58,069 shares in the past one quarter. The stock hit a low of Rs 161 so far during the day, which is a record low for the counter. The stock hit a high of Rs 184 so far during the day. The stock had hit a 52-week high of Rs 411.55 on 26 October 2015. The stock had underperformed the market over the past one month till 2 September 2016, sliding 12.34% compared with Sensex's 1.97% rise. The scrip had also underperformed the market in past one quarter, declining 11.87% as against Sensex's 6.29% rise.

The mid-cap company has equity capital of Rs 221.92 crore. Face value per share is Rs 10.

Inox Wind announced that its wholly owned subsidiary Inox Wind Infrastructure Services has acquired RBRK Investments with effect from 1 September 2016, in tune with its expansion plans in South India.

Inox Wind is one of the leading wind enery solutions providers servicing IPPs, utilities, PSUs, corporates and retail investors.

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