Bharat Forge shares drop nearly 7 pc after Q1 results

Shares of auto components major Bharat Forge on Tuesday dropped nearly 7 per cent after the company posted a 28 per cent decline in consolidated net profit for the first quarter ended June 30, 2019.

The stock declined 6.13 per cent to close at Rs 400.70 on the BSE. During the day, it tanked 6.62 per cent to Rs 398.55.

On the NSE, shares dropped 6.65 per cent to close at Rs 400.

In terms of the traded volume, 2.61 lakh shares of the company were traded on the BSE and over 33 lakh units on the NSE during the day.

Bharat Forge on Tuesday posted a 28 per cent decline in its consolidated net profit at Rs 171.92 crore for the first quarter ended June 30, 2019 on account of lower income.

The company had reported a net profit of Rs 238.74 crore in the same period of the previous fiscal.

Total income during the quarter under review stood at Rs 2,372.79 crore, down 3.31 per cent as against Rs 2,454.07 crore in the corresponding period a year ago period, Bharat Forge said in a BSE filing.