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Castrol India today posted steepest percentage drop in 1-1/2 years on lower quarterly sales volume.
Shares of the refined petroleum products supplier fell as much as 7 per cent in their biggest intraday percentage drop since November 2016.
The stock touched Rs 181.15, lowest since February 6. The company’s March-quarter profit rose marginally to Rs 182 crore ($27.3 mln).
According to CIMB, volume growth was lower than analyst estimates. Competition did not follow suit in raising prices, and the pressure on volume was largely on account of price premiums for Castrol's products that were above the normal range, it said.
More than 2.9 million shares traded as of 0455 GMT, 2.4 times their 30-day moving average.
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