Shares of Mahindra & Mahindra tumbled 6 per cent on Wednesday after the company reported a 52.56 per cent decline in consolidated profit after tax in the June 2019 quarter.
Its shares dropped 5.62 per cent to close at Rs 518.45 apiece on the BSE. Intra-day, the stock tanked 6.22 per cent to touch its 52-week low to Rs 515.10.
It was the worst-hit stock on the BSE's key 30-share index.
On the National Stock Exchange (NSE), shares fell 5.92 per cent to close at Rs 516.90 apiece.
On the traded volume front, 3.76 lakh shares were traded on the BSE and over 84 lakh on the NSE.
Mahindra & Mahindra (M&M) on Wednesday reported a 52.56 per cent decline in consolidated profit after tax to Rs 894.11 crore in the first quarter ended June 30, hit by lower vehicle sales.
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The company had posted a consolidated profit after tax of Rs 1,884.66 crore in the year-ago quarter, M&M said in a regulatory filing.
Its total income at the end of the June 2019 quarter stood at Rs 26,289.48 crore as compared to Rs 26,260.64 crore in the same quarter a year ago.
In the first quarter, M&M said its total vehicle sales stood at 1,23,690 units as against 1,30,484 units in the year-ago period, down 5 per cent.