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Shares of engineering conglomerate Crompton Greaves today ended with a sharp loss of nearly 22 per cent after the company reported a consolidated net loss of Rs 107 crore for the quarter ended December 31.
After plunging 28.45 per cent to Rs 119.55 — its 52-week low — in intra-day trade, shares of the company finally settled at Rs 130.80, down 21.72 per cent on BSE.
At the NSE, the stock tanked 21.73 per cent to end at Rs 130.90.
Led by the sharp dip in the stock, the company’s market valuation slumped by Rs 2,081.29 crore to Rs 8,390.71 crore.
Volume-wise, 60.89 lakh shares of the company changed hands at BSE and over 5 crore shares were traded at NSE during the day.
The group had posted a net profit of Rs 274.29 crore in the corresponding quarter last fiscal, the company said in a BSE filing yesterday.
Total income fell to Rs 2,087.52 crore in October—December quarter of 2015—16, from Rs 2,436.42 crore in corresponding period last fiscal.
In a separate filing, the Avantha group company said K N Neelkant will take over as the CEO and MD of the company with effect from February 3 as Laurent Demortier will step down from the post.
The company further said Madhav Acharya will join as member of its board as Executive Director — Finance in addition to being CFO of the company, from April 1, 2016.
CG is a USD 2 billion engineering conglomerate with a portfolio of products, solutions and services ranging from high—end power and industrial equipments and solutions, to consumer products and home appliances.
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