Crompton Greaves fell 3.13% to Rs 130.15 at 15:02 IST on BSE on reports the company is considering either selling or shutting its Canadian power transformer plant, to cut losses in its foreign business.
Meanwhile, the BSE Sensex was down 154.58 points, or 0.73%, to 21,100.68.
On BSE, so far 1.68 lakh shares were traded in the counter, compared with an average volume of 2.96 lakh shares in the past one quarter.
The stock hit a high of Rs 132.95 and a low of Rs 128.65 so far during the day. The stock hit a 52-week high of Rs 135.95 on 10 December 2013. The stock hit a 52-week low of Rs 71.70 on 25 June 2013.
The stock had outperformed the market over the past one month till 10 December 2013, rising 25.80% compared with the Sensex's 2.85% rise. The scrip had also outperformed the market in past one quarter, rising 50.28% as against Sensex's 6.29% rise.
The mid-cap company has an equity capital of Rs 125.94 crore. Face value per share is Rs 2.
According to media reports, Crompton Greaves' transformer factory in Canada contributes about 3% to the company's total sales. The factory recorded a loss of $10 million in the year ended March 2013, reports added.
Reports suggested that the Canadian facility is running at low utilisations and there are manufacturing design issues too. The company sees continued losses for the facility through the next few quarters, thus deciding to sellout the plant or shut down completely.
On a consolidated basis, Crompton Greaves' net profit rose 38.9% to Rs 58.41 crore on 9.6% increase in net sales to Rs 3204.91 crore in Q2 September 2013 over Q2 September 2012.
Crompton Greaves is a global pioneering leader in the management and application of electrical energy. It provides electrical products, systems and services for utilities, power generation, industries, and consumers. The company is organized into three business groups: power, industrial and consumer.
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