Exide Ind shares tank over 6% as Q3 net dips

Shares of battery maker Exide Industries today tanked by over 6 per cent after the company registered decline in its net profit for the third quarter ended December 31, 2013.
Exide's scrip ended the day 6.20 per cent lower at Rs 105.10 on the BSE. During the day, it plunged 6.69 per cent to Rs 104.55.
At the NSE, the stock plunged 6.37 per cent to close at Rs 105.10.
"Exide Industries Q3 FY'14 results significantly missed our as well as consensus estimates on the top-line and bottom-line front. The company posted disappointing results led by sharp decline in the top-line amid slowdown in the automotive and the industrial battery segments and also due to higher competition," said Yaresh Kothari, Research Analyst - Auto & Auto Ancillary, Angel Broking.

Exide Industries today registered 25.52 per cent decline in its net profit at Rs 77.52 crore for the third quarter ended December 31, 2013, hit by continuous slowdown in the market.
The company had posted a net profit of Rs 104.09 crore in the same period of previous fiscal.
Net sales of the company declined to Rs 1,301.41 crore for the third quarter, as against Rs 1,462.15 crore in the same period of corresponding fiscal, Exide Industries Ltd said in a filing to the BSE.