Crompton Greaves drops on lower than expected Q3 earnings

Shares of Crompton Greaves were down 7% at Rs 15 after the company reported lower than expected earnings for the third quarter ended December 2014.

Consolidated net profit increased to Rs 274 crore compared with Rs 62 crore in the same quarter last fiscal.

However, net profit during the quarter was boosted by an exceptional net income of Rs 267.54 crore on account of part sale of land at Kanjur Marg, an eastern suburb of Mumbai.

Total income for the quarter decreased to Rs 3430 crore compared with Rs 3358 crore in the same quarter last fiscal.

The stock opened at Rs 177 and touched a low of Rs 165. At 12:30PM, nearly 8 million shares were traded on both the stock exchanges.