Shares of auto component company Bosch on Tuesday tanked 6 per cent after the company reported 35 per cent decline in consolidated net profit for the first quarter ended June 30, 2019.
The scrip tumbled 5.43 per cent to close at Rs 13,517.25 on the BSE. During the day, it tanked 6.47 per cent to Rs 13,367.90 -- its 52-week low.
At the NSE, shares of the company dropped 6.07 per cent to close at Rs 13,422.20.
Bosch on Tuesday reported 35.04 per cent decline in consolidated net profit at Rs 279.95 crore for June quarter 2019, hit by slowdown in the domestic automobile industry.
The company, which had posted a profit of Rs 430.98 crore for the same period of previous fiscal, said it has initiated several measures including "manpower adjustments" to remain competitive in the market.
During the period under review, the company's revenue from operations declined to Rs 2,778.82 crore for April-June 2019 from Rs 3,212.15 crore in the year-ago period, Bosch said in a regulatory filing.
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