Shares of footwear major Bata India today fell by over 4 per cent after the company's September quarter earnings failed to meet market expectations.
The stock closed the day with a loss of 4.39 per cent at Rs 464.60 on BSE. During the day, it dropped 4.92 per cent to Rs 462 -- its 52-week low.
At NSE, shares of the company declined 4 per cent to end at Rs 464.65.
"Bata reported a poor set of Q2 numbers as net sales edged up 5 per cent YoY amid weak demand conditions," Religare said in a note.
Bata India yesterday reported a 38.74 per cent rise in net profit at Rs 54.11 crore for the second quarter ended September 30.
The company had posted a net profit of Rs 39 crore during the same period of previous fiscal.
Net sales rose to Rs 575.15 crore for the second quarter compared with Rs 547.64 crore during the same period of the previous fiscal, Bata India had said in a regulatory filing.
"Despite economic slowdown and a lower consumer sentiment, our second quarter performance for the period July -Sept 2015 has seen a growth of 5 per cent compared to the same period last year," Bata India, Group MD, South Asia, Rajeev Gopalakrishnan said.
In the broader market, the BSE Sensex tanked by 248.72 points to end at 26,304.20.
