Raymond shares slump 7 pc as Q1 loss widens

Shares of diversified group Raymond today tanked nearly 7 per cent after the company reported widening of consolidated net loss to Rs 16.61 crore for the quarter ended June 30, 2016.
The scrip lost 6.60 per cent to settle at Rs 457.65 on BSE. Intra-day, it tanked 7.43 per cent to Rs 453.55.
At NSE, shares of the company went down by 6.27 per cent to close at Rs 458.45.
The company had posted a consolidated net loss of Rs 14.47 crore during the April-June period of previous financial year, Raymond had said in a filing to the BSE yesterday.

Its total consolidated income from operations during the quarter under review was up 4.81 per cent to Rs 1,057.36 crore as against Rs 1,008.82 crore in the corresponding period of last financial year.
Commenting on the results, Raymond CMD Gautam Hari Singhania said: "The current quarter witnessed a subdued consumer demand with early onset of end of season sales period in addition to volatile global economic environment.
"Notwithstanding these challenges, we have been able to register growth in top-line and EBITDA at the consolidated level, which speaks well of the resilience of our brands and distribution network.