Autoline Industries lost 4.33% to Rs 69.55 at 12:06 IST on BSE on equity dilution worries after the company said that its board of directors discussed various avenues of raising funds to meet the funding requirements of the company.
The announcement was made after market hours on Tuesday, 11 March 2014.
Meanwhile, the S&P BSE Sensex was up 97.16 points or 0.45% at 21,923.58.
On BSE, so far 30,000 shares were traded in the counter as against average daily volume of 1.01 lakh shares in the past two weeks.
The stock hit a high of Rs 71.85 and a low of Rs 69 so far during the day.
Autoline Industries said its board of directors at a meeting held on Tuesday, 11 March 2014, discussed various avenues of raising funds to meet the funding requirements of the company including full disinvestment of stock/shares in Autoline Industries Inc., USA and decided to meet in coming fortnight to discuss this further.
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Autoline Industries reported a consolidated net loss of Rs 11.26 crore in Q3 December 2013 as against net profit of Rs 0.60 crore in Q3 December 2012. Net sales declined 12.7% to Rs 164.63 crore in Q3 December 2013 over Q3 December 2012.
Autoline Industries is engaged in manufacturing various auto parts/sheet metal components for passenger cars, sports utility vehicles (SUV), commercial vehicles, two wheelers, three wheelers, tractors, etc.
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