S Chand and Company hits new low; stock tanks 83% against IPO price

The stock tanked 14% to Rs 116 on the BSE, after the company posted 48% dropped in consolidated net profit at Rs 172 crore in March quarter, due to lower revenue and higher interest cost.

Shares of S Chand and Company tanked 14 per cent to Rs 116 on the BSE on Wednesday, after the company posted 48 per cent drop in consolidated net profit at Rs 172 crore in March quarter (Q4FY19) due to lower revenue and higher interest cost. It had reported a profit of Rs 330 crore in a year ago quarter.

The stock of textbook publisher was trading its lowest level since its listing on May 9, 2017 and has plunged 83 per cent as compared to its issue price of Rs 670.

The company’s total revenue from operations