Motherson Sumi shares dip 6.5% post Q1 earnings

Shares of auto component maker Motherson Sumi Systems today tanked 6.5 per cent despite the company reporting a 15.81 per cent increase in consolidated net profit for the first quarter ended on June 30, 2016.
The scrip slumped 6.42 per cent to settle at Rs 329.95 on BSE. During the day, it tanked 10.38 per cent to Rs 316.
At NSE, shares of the company dipped 6.48 per cent to close at Rs 329.65.
Led by the decline in the stock, the company's market valuation fell by Rs 3,000.06 crore to Rs 43,643.94 crore.
Motherson Sumi Systems today reported 15.81 per cent increase in consolidated net profit at Rs 439.36 crore for the first quarter ended June 30, 2016.

The company had posted a net profit of Rs 379.38 crore in the same period last fiscal, Motherson Sumi Systems (MSSL) said in a BSE filing.
Net sales during the period under review stood at Rs 10,352.33 crore as against Rs 8,915.47 crore, up 16.11 per cent.