Motherson Sumi Systems fell 4.56% to Rs 261.50 at 14:08 IST on BSE after Volkswagen posted a 4.1 billion euros operating loss for 2015 in the wake of a diesel emissions test-rigging scandal.
Meanwhile, the S&P BSE Sensex was down 208.48 points or 0.81% at 25,629.66.
On BSE, so far 2.17 lakh shares were traded in the counter as against average daily volume of 2.87 lakh shares in the past one quarter. The stock hit a high of Rs 270 and a low of Rs 258.65 so far during the day. The stock had hit a 52-week low of Rs 206.20 on 25 February 2016. The stock had hit a record high of Rs 395.85 on 6 August 2015. The stock had outperformed the market over the past one month till 22 April 2016, surging 9.23% compared with Sensex's 2% rise. The scrip had also outperformed the market in past one quarter, advancing 6.72% as against Sensex's 5.74 % rise.
The large-cap company has equity capital of Rs 132.29 crore. Face value per share is Rs 1.
Europe's largest automaker Volkswagen reported its financial results for 2015 after market hours in India on Friday, 22 April 2016. Volkswagen is a key client for Motherson Sumi Systems (MSSL).
Meanwhile, media reports suggested that a foreign brokerage has maintained underperform rating on MSSL stating that the combination of likely pricing pressures from Volkswagen and its lower growth poses a risk to MSSL's aggressive growth targets.
On consolidated basis, Motherson Sumi Systems' net profit rose 20.9% to Rs 307.35 crore on 8.1% growth in net sales to Rs 9676.36 crore in Q3 December 2015 over Q3 December 2014. The company is scheduled to announce its Q4 March 2016 results on 17 May 2016.
Motherson Sumi Systems is one of the world's fastest growing specialised automotive component manufacturing company for original equipment manufacturers (OEMs).
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