Shares of FMCG major HUL fell for the second straight session today, ending nearly 3 per cent lower, after the company reported lower-than-expected net sales growth of 3.56 per cent for the April-June quarter.
The stock went down 2.75 per cent to settle at Rs 895.15 on BSE. During the day, it lost 3.48 per cent to Rs 888.40.
On NSE, shares fell 2.9 per cent to end at Rs 895.15.
The scrip was the worst performer among the Sensex and Nifty components.
It had lost 2 per cent in the previous session also. The company's market valuation slumped Rs 9,619.55 crore to Rs 1,93,732.45 crore in the last two days.
"Net revenue up 3.6 per cent y-o-y marginally below our expectations and underlying volume growth of 4 per cent y-o-y was below our estimate," Emkay Research has said in a report.
HUL yesterday reported a 9.79 per cent increase in stand-alone net profit at Rs 1,173.90 crore for the first quarter, driven by growth across all segments and improvement in margins.
It also announced investment of about Rs 1,000 crore to set up a new manufacturing unit at Doom Dooma in Assam.
Hindustan Unilever's net sales were up 3.56 per cent at Rs 7,987.74 crore during the quarter under review as against Rs 7,712.71 crore a year before.
"Domestic consumer business growth was at 4 per cent, with 4 per cent underlying volume growth and operating margin expansion by 70 bps. The growth was broad-based across segments," HUL had said in a statement.
