Strides Shasun reported a consolidated net loss of ₹4.4 crore from its continuing operations for the quarter ended March, which saw its stock go down by 23 per cent.

In the same period last year, the company had posted profit of ₹91.6 crore.

Further, revenue from operations fell by 1.9 per cent year-on-year to ₹664.2 crore for the quarter ended March 2018.

Consolidated operating profit also went down by 33.2 per cent to ₹86.5 crore and margins contracted 610 basis points to 13 per cent compared to same quarter last fiscal.

On hearing the news, the stock closed at ₹387, down 23 per cent, a one-year low on the BSE.

The company’s market valuation fell by ₹1,034.56 crore to ₹3,466.44 crore.

Additionally, other income during the quarter fell sharply to ₹21.8 crore compared with ₹62.4 crore in the same period last year.

Consolidated revenue from its continuing operations was ₹664.15 crore against ₹677.13 crore in the same period last year.