Bharat Forge has dipped about 3% to Rs 302 on reporting 8% year-on-year (yoy) growth in net profit at Rs 105 crore for the quarter ended June 30, 2012 due to higher interest cost and de-growth in Indian automotive industry.
Net sales grew by 10% to Rs 105 crore on a year-on-year basis, its lowest quarterly growth since December 2009.
"This quarter performance has been subdued due to slowdown in India and the resultant sharp drop in automotive demand, more so for M&HCV's,” said Mr B N Kalyani CMD of Bharat Forge.
The stock opened at Rs 312 and hit a low of Rs 301 on the NSE. A combined 208,210 shares have changed hands on the counter so far on both the exchanges.