Crompton Greaves today reported a 58% drop in Q1 net profit at Rs 79 crore for Q1FY12, against Rs 191 crore in the corresponding quarter of previous fiscal. Analyst expected a net profit of Rs 202 crore for June 2011 quarter. However net sales grew marginally by 6% to Rs 2,438 crore from Rs 2,302 crore during the recently concluded quarter.
The stock reacted sharply to the result and fell 15% to Rs. 206 in today's trade to hit fresh 52 week low.
The stock opened at Rs 243 and hit a low of Rs 205 after the announcement of Q1 results. The trading volumes on the counter jumped more than eight-fold with 8.5 million shares changing hands till 1452 hours, against an average around 1.13 million shares traded daily in past two weeks.
52 week High low for the stock till yesterday was 349/228.