DCM Shriram shares tank 16% on weak Q4 results

Shares of DCM Shriram plunged almost 16 per cent today after the company reported a 68 per cent decline in consolidated net profit for the quarter ended March 31.

The stock tumbled 15.95 per cent to settle at Rs 368.90 on BSE. Intraday, it cracked 16.89 per cent to Rs 364.75.

On NSE, shares of the company fell 15.88 per cent to close at Rs 369.40.

In terms of equity volume, 1.32 lakh shares of the company were trade on BSE and over 12 lakh shares changed hands on NSE during the day.

DCM Shriram yesterday reported a 68 per cent decline in consolidated net profit at Rs 50.71 crore for the quarter ended March 31, mainly due to lower sales realisation in sugar business.

Its net profit stood at Rs 156.35 crore in the year-ago period, according to a regulatory filing.

Total income from operations in the fourth quarter of the last fiscal also dropped to Rs 1,575.96 crore from Rs 1,722.96 crore in the corresponding period of the previous financial year.