Shares of Mahindra & Mahindra plunged 6.11% today after the auto major's standalone profit after tax declined by 2.78% to Rs 737.4 crore in the July-September quarter.
Despite positive opening, the scrip went into a tailspin and settled at Rs 790.40, down 5.73% from the last close on the BSE. During the day, the scrip dropped 6.64% to a low of Rs 782.70.
M&M was the top loser among the Sensex-30 blue-chips.
On the NSE, the stock ended 6.11% lower at Rs 790. Intra-day, the scrip touched a high of Rs 850.70 and a low of Rs 782.20.
"Investor sentiment was dampened by M&M announcing Q2 results lower than street estimate," Motilal Oswal Securities Associate VP Parag Doctor said.
M&M's standalone PAT declined by 2.78% to Rs 737.4 crore in the July-September quarter, from Rs 758.5 crore in the same period last year.
It reported 3.18% rise in the consolidated profit after tax for the quarter ended September 30 at Rs 761.5 crore on account of contributions from its subsidiary -- Mahindra Vehicle Manufacturers.
The company had posted PAT of Rs 738 crore in the same period last fiscal.