Stocks of commercial vehicle financier Shriram Transport Finance settled 15 per cent lower today, wiping out Rs 3,295 crore from its market valuation, after the company reported 73 per cent drop in consolidated profit after tax for the quarter ended March.
After plunging 15.97 per cent to Rs 818 in intra-day trade, shares of Shriram Transport finally ended at Rs 828.20, down 14.93 per cent on the BSE.
On the NSE, it slumped 14.62 per cent to close at Rs 828.
Tracking weakness in the stock, the company's market valuation plunged by Rs 3,295 crore to Rs 18,791.99 crore.
"Shriram Transport fell more than 15 per cent in the day after it announced its Q4 results which could not manage to meet street expectations," said Hiren Dhakan, Associate Fund Manager, Bonanza Portfolio Ltd.
Shriram Transport Finance on Thursday reported 73 per cent drop in consolidated profit after tax at Rs 84.23 crore for the quarter ended March.
The consolidated profit after tax stood at Rs 314.89 crore in the same period last year.
For the full year, consolidated net profit declined 24 per cent to Rs 1,028.44 crore against Rs 1,357.94 crore in the previous year, according to a company release.
Net interest income in the March quarter stood at Rs 1,105.57 crore as against Rs 975.95 crore in the year-ago period.
Stock markets were closed on Friday on account of Maharashtra Day.
In contrast, the broader market was strong with benchmark BSE Sensex ending 479.28 points higher at 27,490.59.
