Shares of battery-maker Exide Industries tumbled by over 11% in morning trade on the bourses after the company reported disappointing results for the first quarter of this fiscal.
The company reported a 1.29% decline in net profit for the quarter ended June 30 to Rs 163.20 crore from Rs 165.34 crore in the corresponding quarter last year.
Reacting to the numbers, the stock opened on a weak note and then slipped further to an intra-day low of Rs 151, 11% lower than its previous closing price.
A similar trend was witnessed on the National Stock Exchange, where the stock opened at Rs 163.15, then dipped to a low of Rs 152.05, down 10.74% from its last close.
The counter however, regained some lost ground and was trading at Rs 156.15, down 8.07%, on the BSE and at Rs 156.50, down 8.13%, on the NSE at 1049 hours.
Marketmen said the fall in the counter was a knee-jerk reaction to the bad first quarter numbers.
"The demand growth that was seen in the country's automotive industry over the last several quarters has not been sustained, resulting in lower OE demand," Exide Industries Managing Director and CEO T V Ramanathan said yesterday.
The prevalent power supply situation and pleasant weather conditions in North Indian markets also resulted in lower inverter battery sales during the quarter, he added.
