Greaves Cotton dips 3% post Q1 nos; Nagesh Basavanhalli steps down as CEO

The Board of the company approved the resignation of Nagesh Basavanhalli as Managing Director and CEO and appointed him as the Vice Chairman (Non-Executive) with immediate effect

Shares of Greaves Cotton declined 3.3 per cent to hit an intra-day low of Rs 84.5 on the BSE, in an otherwise strong market, on Friday after the company reported net loss of Rs 30.86 crore for June quarter of FY21, as against profit of Rs 34.5 crore in the year-ago period.

It's consolidated revenue tumbled 68 per cent YoY to Rs 158.3 crore during the quarter under review as against Rs. 499.56 crore in Q1FY20. Besides, it reported an EBIDTA loss of Rs 26.70 crore in Q1FY21 as against EBITDA profit of Rs 58.31 crore in Q1FY20. 

"The impact