Escorts skids 6% on lower volume growth guidance for tractor industry

The stock was down 6% to Rs 634, falling 16% in past two weeks, as compared to 2% decline in the S&P BSE Sensex.

Shares of Escorts were down 6 per cent to Rs 634 on the BSE in early morning trade, after the management has lowered FY19 volume growth guidance for domestic tractor industry. The stock was trading at its lowest level since December 12, 2018. 

Escorts had reported a healthy 52 per cent year-on-year (YoY) jumped in net profit at Rs 140 crore in December 2018 quarter (Q3FY19), on back of strong revenue growth. It had profit of Rs 92 crore in the corresponding period last fiscal. Revenue from operations up by 37 YoY to Rs 1,655 crore in Q3FY19 as