Shares of FMCG major Hindustan Unilever Ltd (HUL) today fell by nearly 6 per cent, eroding Rs 7,787.19 crore from its market valuation, after it forecast a softer demand environment.
HUL's scrip tumbled 4.75 per cent to settle at Rs 721.90 on the BSE. In intra-day, it was down 5.52 per cent to Rs 716.05. The stock was the biggest loser among the 30-Sensex scrips.
At the NSE, the stock ended 5.69 per cent lower at Rs 715.80.
Following the weakness in the scrip, the company's market value fell by Rs 7,787.19 crore to Rs 1,56,157.81 crore.
HUL today reported a 8.13 per cent increase in standalone net profit at Rs 988.16 crore for quarter ended September 30, 2014-15 as subdued demand continued to impact the sector.
The company reported net profit of Rs 913.8 crore in the corresponding period a year ago, the company said in a BSE filing.
HUL's net sales during the quarter stood at Rs 7,465.54 crore, up 10.64 per cent compared with Rs 6,747.2 crore during the same period last year.
HUL CFO P B Balaji told reporters that the demand for FMCG products continues to remain soft and despite headwinds, the company has delivered competitive growth.
