Bosch lost 2.65% to Rs 18,504.65 at 12:39 IST on BSE on reports that a foreign brokerage has initiated coverage on the stock with an underperform rating.
Meanwhile, the S&P BSE Sensex was up 18.13 points or 0.07% at 25,837.47.
On BSE, so far 3,079 shares were traded in the counter as against average daily volume of 2,803 shares in the past one quarter.
The stock hit a high of Rs 18,780 and a low of Rs 18,335.30 so far during the day. The stock had hit a 52-week low of Rs 17,505 on 26 November 2014. The stock had hit a record high of Rs 27,989.25 on 20 March 2015.
The stock had underperformed the market over the past one month till 23 November 2015, sliding 12.61% compared with Sensex's 6.01% fall. The scrip had also underperformed the market in past one quarter, declining 21.22% as against Sensex's 5.65% fall.
The large-cap company has equity capital of Rs 31.40 crore. Face value per share is Rs 10.
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The foreign brokerage is reportedly concerned on growth of diesel cars as share of diesel variants has already come off in the past two years and it may fall further. While Bosch has traditionally been considered a play on emission norms, the impending BS IV emission norms may put its dominant position in commercial vehicles (CVs) segment under threat, as its first-mover advantage could diminish, the foreign brokerage reportedly said.
Bosch's net profit declined 0.3% to Rs 305.38 crore on 5.7% growth in net sales to Rs 2597.50 crore in the quarter ended 30 September 2015 over the quarter ended 30 September 2014.
In India, Bosch is a leading supplier of technology and services in the areas of automotive and industrial technology, consumer goods and building technology. Additionally, Bosch also has in India, the largest development centre, outside Germany, for end-to-end engineering and technology solutions. Bosch is the flagship company of the Bosch Group.
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