Shares of Tata Chemicals fell more than 3 per cent on the bourses in the morning trade amid muted second quarter earnings and resignation by its director Bhaskar Bhat.
After market trading hours on November 10, Tata Chemicals had reported a marginal increase in its second quarter net profit at Rs 293 crore, while its total income declined to Rs 3,496.27 crore in the July-September quarter of this fiscal from Rs 4,213 crore in the year-ago period.
Reacting to the numbers, the company shares opened on a weak note at Rs 497.95 then fell further 3.77 per cent to touch an early low of Rs 486.95 on the BSE.
On the NSE, the shares opened at Rs 495.55, then declined 3.69 per cent to an early low of Rs 487.10.
Revenue from the fertiliser segment fell sharply to Rs 570.95 crore from Rs 1,311.65 crore, while income from sale of inorganic chemicals dropped slightly to Rs 2,123.70 from Rs 2,229.61 crore.
Meanwhile, in a regulatory filing the company said that its Director Bhaskar Bhat has resigned from the board saying concerns raised by him were “totally ignored’’.
Yesterday, independent directors of Tata Chemicals had “unanimously” backed Cyrus Mistry as its Chairman and affirmed their confidence in the management.