 "Crompton Greaves tanks over 20% post Q3 results")
Shares of Crompton Greaves has tanked 24% to Rs 127, also its 52-week low on the National Stock Exchange (NSE), after the company registered consolidated net loss of Rs 107 crore for the quarter ended December 31, 2015 (Q3FY16) against profit of Rs 274 crore in the same quarter last fiscal.
During the quarter, the company recorded Rs 410 loss on account of provision made against loan given to subsidiaries including loss on sale of Canadian operation. It made profit of Rs 426 crore on sale of land at Kanjurmarg, Mumbai against Rs 278 crore in previous year quarter, Crompton Greaves said in a statement.
Net sales of the company during the quarter under review too declined by 14% to Rs 2,068 crore from Rs 2,409 crore in the corresponding quarter of previous year.
In a separate filing, the Avantha group company said that K N Neelkant will take over as the CEO and Managing Director of the company with effect from February 3 as Laurent Demortier will step down from the post.
The company further said that Madhav Acharya will join as member of its board as Executive Director Finance in addition to being CFO of the company, from April 1, 2016.
At 09:44 AM, the stock was down 22% at Rs 131 on the NSE as compared to 0.71% decline in Nifty 50. A combined 19.96 million shares representing 3% stake of the company changed hands on the NSE and BSE.
During the quarter, the company recorded Rs 410 loss on account of provision made against loan given to subsidiaries including loss on sale of Canadian operation. It made profit of Rs 426 crore on sale of land at Kanjurmarg, Mumbai against Rs 278 crore in previous year quarter, Crompton Greaves said in a statement.
Net sales of the company during the quarter under review too declined by 14% to Rs 2,068 crore from Rs 2,409 crore in the corresponding quarter of previous year.
In a separate filing, the Avantha group company said that K N Neelkant will take over as the CEO and Managing Director of the company with effect from February 3 as Laurent Demortier will step down from the post.
The company further said that Madhav Acharya will join as member of its board as Executive Director Finance in addition to being CFO of the company, from April 1, 2016.
At 09:44 AM, the stock was down 22% at Rs 131 on the NSE as compared to 0.71% decline in Nifty 50. A combined 19.96 million shares representing 3% stake of the company changed hands on the NSE and BSE.
