Grasim Industries cracks 8% on Q2 loss

Shares of Grasim Industries Thursday dived nearly 8 per cent after the Aditya Birla Group firm announced a consolidated net loss of Rs 1,300 crore for the September quarter.

Grasim Industries plummeted 7.91 per cent to close at Rs 807.6 apiece on the BSE. The scrip plunged 9.2 per cent (intra-day) to Rs 796.15.

On the National Stock Exchange, the counter settled at Rs 806.1, down 8.02 per cent from the previous close. The stock had hit a low of Rs 795.20 and a high of Rs 855 during the trading session.

Collectively, over 46 lakh shares got traded on the exchanges during the trading session.

In a regulatory filing to stock exchanges Wednesday, Grasim Industries reported a consolidated net loss of Rs 1,299.86 crore for the quarter ended September 2018. It had posted a net profit of Rs 799.03 crore during the July-September period of the previous fiscal.

"The exceptional item of Rs 2,003 crore represents the difference between book value and fair value of Vodafone Idea Ltd as on August 30, 2018. This has been charged to the Profit and Loss Account, consequent to Vodafone Idea Ltd ceasing to be an Associate," the company said.

The company's revenue from operations was up 23.76 per cent to Rs 16,795 crore during the quarter, against Rs 13,570.45 crore a year ago.