Andhra Sugars has plunged over 8% or Rs 9.5 at Rs 104 after the stock turned ex-dividend of Rs 5.5 per share for the year March 2011.
The stock opened at Rs 108 and touched the low of Rs 103. As many as 5,711 shares changed hands on the BSE compared to its two-week average of 12,369 shares till 1030 hours.
Earlier, the company's net profit surged 264.5% to Rs 18.59 crore and the net sales came in at Rs 180.32 crore in Q1 compared to the previous year.