Mahindra CIE hits 5% lower circuit as March quarter profit slips over 86%

Shares of Mahindra CIE Automotive hit a 5 per cent lower circuit limit of Rs 77.65 apiece on the BSE on Friday, a day after the company reported a 86.47 per cent decline in consolidated net profit or profit after tax (PAT) at Rs 20.79 crore for the quarter ended March 31, 2020.

The auto components maker had posted a consolidated profit after tax of Rs 153.72 crore in the corresponding quarter of previous fiscal.
 

Consolidated revenue from operations in the first quarter stood at Rs 1,662.7 crore as compared with 2,174.39 crore in the year-ago period. 

As regards Covid-19,