Godfrey Phillips stock tumbles nearly 10% on weak Q3 earnings

Shares of cigarette maker Godfrey Phillips India Ltd today fell sharply by nearly 10 per cent after it reported a decline of 84.95 per cent in standalone net profit for the third quarter ended December 31, 2014.
The stock dropped 9.80 per cent to end at Rs 524.85 on the BSE. During the day, it slumped 11.83 per cent to Rs 513 -- its 52-week low.
At the NSE, it plunged 9.94 per cent to close at Rs 523.
Following the decline in the stock, the company's market value fell by Rs 296.1 crore to Rs 2,728.90 crore.
Godfrey Phillips India yesterday reported a decline of 84.95 per cent in standalone net profit at Rs 10.64 crore for the third quarter ended December 31, 2014.

The company had posted a net profit of Rs 70.74 crore in the same period of the previous fiscal, Godfrey Phillips India had said in a filing to the BSE.
Company's net sales also declined 16.41 per cent to Rs 521 crore during the October-December quarter as compared to Rs 623.35 crore in the same quarter a year ago.