Shares of diversified group ITC Ltd today fell by more than 4 per cent after its September quarter earnings failed to cheer investors.
The stock lost 4.30 per cent to settle at Rs 334.70 on BSE. During the day, it dipped by 5.24 per cent to Rs 331.40.
At NSE, shares of the company slipped by 4.38 per cent to close at Rs 334.65.
Following the dip in the stock, the company's market valuation fell by Rs 12,000.56 crore to Rs 2,68,725.44 crore.
The stock was the top loser among the 50-Nifty components.
ITC Ltd today reported a marginal rise in standalone net profit at Rs 2,431.25 crore for the quarter ended September 30, as its cigarette segment reeled under pressure amid sluggish demand environment of the FMCG industry and prolonged disruption in the instant noodles category.
The Kolkata-based company had reported a net profit of Rs 2,425.16 crore during the same period of 2014-15 fiscal.
Net sales during the period under review declined by 1.40 per cent to Rs 8,804.70 crore, as against Rs 8,930.32 crore of the July-September quarter of the previous fiscal.
"The company's performance during the quarter remained subdued reflecting the unprecedented pressure on legal cigarette industry volumes, lack of trading opportunities in agri-commodities and sluggish demand environment prevailing in the FMCG industry coupled with prolonged disruption in the instant noodles category due to regulatory challenges," ITC said in a statement.
