Reliance Defence skids after reporting poor Q1 results

Reliance Defence & Engineering dropped 4.53% to Rs 62.20 at 11:15 IST on BSE after the company reported net loss of Rs 134.50 crore in Q1 June 2016 compared with net loss of Rs 167.27 crore in Q1 June 2015.

The result was announced on Saturday, 10 September 2016.

Meanwhile, the BSE Sensex was down 408.64 points, or 1.42%, to 28,388.61.

On BSE, so far 4.83 lakh shares were traded in the counter, compared with average daily volume of 5.15 lakh shares in the past one quarter. The stock hit a high of Rs 66.40 and a low of Rs 62.10 so far during the day. The stock hit a 52-week low of Rs 52.65 on 12 February 2016. The stock hit a 52-week high of Rs 114 on 28 December 2015. The stock had underperformed the market over the past one month till 9 September 2016, gaining 0.23% compared with Sensex's 2.54% gain. The scrip had also underperformed the market in past one quarter, gaining 0.08% as against Sensex's 7.6% gain.

The mid-cap company has equity capital of Rs 736.21 crore. Face value per share is Rs 10.

Reliance Defence & Engineering's total income dropped 34.21% to Rs 74.18 crore in Q1 June 2016 over Q1 June 2015.

Reliance Defence & Engineering formerly Pipavav Defence and Offshore Engineering Company is into building defence warships.

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