Exide Industries lost 1.62% to Rs 103.40 at 9:25 IST on BSE, with the stock extending Monday's slide triggered by the company reporting poor Q3 earnings.
Meanwhile, the S&P BSE Sensex was up 4.02 points or 0.02% at 21,138.23.
On BSE, so far 96,000 shares were traded in the counter as against average daily volume of 4.43 lakh shares in the past two weeks.
The stock hit a low of Rs 102 so far during the day, which is also its 52-week low for the counter. The stock hit a high of Rs 104.40 so far during the day. The stock had hit a 52-week high of Rs 148 on 16 January 2013.
Shares of Exide Industries have declined 7.71% in two trading sessions from Rs 112.05 on 10 January 2014 after the company during trading hours on Monday, 13 January 2014 reported weak Q3 December 2013 earnings. The stock had fallen 6.2% to settle at Rs 105.10 on Monday, 13 January 2014.
Exide Industries' net profit fell 25.5% to Rs 77.52 crore on 11% decline in net sales to Rs 1301.41 crore in Q3 December 2013 over Q3 December 2012.
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Commenting on the performance, Exide Industries' Managing Director & CEO Mr P K Kataky said that continued sluggish demand had its impact on the performance of the company. In the replacement market, the demand for heavy duty and light duty commercial vehicles including passenger cars used for commercial application (taxi) remained subdued. Automobile OEMs had a degrowth. In industrial batteries, the demand for infrastructure, motive power, telecom and inverter batteries continued to be sluggish, Mr Kataky said. He said that the company's cost control and technological upgradation initiatives are progressing well and this will enable the company to succeed in its marketing efforts in a high competitive market in the future.
Exide Industries is a leading manufacturer of lead acid batteries for automotive, telecom, traction, UPS, naval and motive power markets.
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