Shares of FMCG major Hindustan Unilever (HUL) today tumbled over 5 per cent, wiping-out Rs 10,739.7 crore from its market valuation, after company's third quarter earnings failed to meet market expectations.
The stock closed 5.27 per cent down at Rs 892.80 on the BSE. During the day, it tanked 6 per cent to Rs 885.25. At the NSE, it plunged 5.03 per cent to settle at Rs 893.70.
The stock was the biggest loser among front-line scrips on both Sensex and Nifty.
The company's market value dropped by Rs 10,739.7 crore to Rs 1,93,133.30 crore.
"The stock disappointed the markets with a below expectations results in terms of volumes and revenue," said Rakesh Goyal, Senior Vice President, Bonanza Portfolio.
Profit-booking may also have pulled down the stock which has risen by 24 per cent since the beginning of this year.
HUL today reported a 17.87 per cent jump in standalone net profit at Rs 1,252.17 crore for the third quarter ended December 31, 2014.
HUL's net sales rose by 7.69 per cent to Rs 7,579.18 crore in the third quarter of 2014-15.
