Comments
The shares of Bosch dropped as much as 4.1 per cent to ₹13,700 , their lowest since August 19, 2014.
The technology and services supplier company had reported a 35 per cent drop in June-quarter profit to ₹280 crore ($39.32 million), mainly due to the auto market slowdown during the quarter in all the segments. The revenue fell 13.5 per cent to ₹2,779 crore.
The company had made a provision of ₹82 crore towards restructuring, re-skilling and redeployment, disclosed as an exceptional item in quarterly results, it said in a statement.
Soumitra Bhattacharya, Managing Director said, “The automotive industry in India is going through a paradigm shift. The slowdown is not cyclical, but structural. Shortage of liquidity accompanied by a build-up of inventory will pose a big challenge and the recovery will take longer than expected.”
Up to the last close, Bosch down 27 per cent this year, while peer Motherson Sumi, which posted a 25 per cent drop in Q1 profit on Monday, dived 37 per cent.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.