Mahindra CIE Automotive shares end in red for 10th straight session

Shares of Mahindra CIE Automotive on Thursday closed the session marginally lower reacting to the disappointing performance of the company in December quarter results.

On the BSE, the stock traded in the red for the whole session but managed to go above its opening value only at the end of the market hours. It lost as much as 8.5 per cent to its 52-week low at Rs 129 in early trading hours. It settled at Rs 140.05, down 0.67 per cent over the previous close.

On the NSE, the stock's opening value equalled its intra-day high while the trading session was in progress. During the day, the scrip touched its 52-week low at Rs 130, down 7.8 per cent. Finally, the stock closed 0.60 per cent lower at Rs 140.15.

In terms of volume, the number of shares traded on the NSE was more than 4.3 lakh while it was just 26,000 on the BSE.

This is the 10th consecutive session that the scrip has rested in the red zone. It has lost nearly 18 per cent since February 13, on the BSE.

The company on Wednesday reported 91.1 per cent loss in consolidated profit after tax at Rs 12.61 crore for December quarter as compared to Rs 142.03 crore in the year-ago period.

Revenue from operations for the said quarter stood at Rs 1,722.93 crore as against Rs 1,975.02 crore in the same period of previous fiscal. The company is Mahindra group's auto component arm.