Shares of Hindustan Unilever today ended the day down 3 per cent after the FMCG major reported a 22 per cent drop in December quarter net profit, which knocked off Rs 4,825 crore from its market capitalisation.
Hindustan Unilever (HUL) today announced a decline of 22.42 per cent in stand-alone net profit at Rs 971.40 crore for the third quarter on account of phasing out of excise duty incentives and "price de-growth".
Following this, the shares of the company tanked as much as 6.03 per cent to hit an intra-day low of Rs 776.60 on BSE. At the end of today's trading session, the stock quoted at Rs 804.15, down 2.70 per cent on BSE.
Following the slide, the market capitalisation of the company was eroded by Rs 4,825 crore to Rs 1,74,007.67 crore.
A similar pattern played out on NSE as well where the stock opened at Rs 827.25, then slumped 6.12 per cent to an intra-day low of Rs 776.65 before settling at Rs 804.25, down 2.78 per cent from its previous close.
On the volume front, 2.86 lakh shares got traded on BSE while 32.49 lakh changed hands on NSE.
HUL's net sales were up 3.21 per cent to Rs 7,822.86 crore during the quarter under review as against Rs 7,579.18 crore in the year-ago period, the company said.
