CMC tanks on poor performance

DALAL STREET SPIKES

CMC stock dipped on disappointing quarterly results. The stock tanked by over 6 per cent in intra-day trades despite an overall firm market.

The stock took a beating as investors booked profits after the company reported a 14.70 per cent drop in net profit to Rs 9.28 crore as against Rs 10.88 crore in the same period last year.

The results were announced after market hours yesterday. The stock finally closed at Rs 667.20, down 5.57 per cent. The fall was however on thin volumes of mere 6,392 shares on BSE alone.

Sources said, the CMC stock has seen correction in the recent past with profit booking in tech sector stocks. From a recent high of Rs 755 on January 3, the stock has lost over 11 per cent to Thursday's close of Rs 667.20.