Shares of TVS Motor today went into a tailspin, slumping nearly 10 per cent, after the company's March quarter earnings failed to enthuse investors.
The stock which gained 2 per cent to Rs 325.35 during the day, later surrendered all its gains as soon as the results were announced in the fag-end of the trade and tanked 9.66 per cent to settle at Rs 287.90 on BSE.
At NSE, the scrip plunged 9.87 per cent to close at Rs 287.45.
On the volume front, 17.80 lakh shares of the company changed hands at BSE and over one crore shares were traded at NSE during the day.
Analysts said that lower margins pulled down the stock.
Chennai-based TVS Motor Co today reported 30 per cent increase in net profit at Rs 117.76 crore for the fourth quarter ended March 31, riding on robust sales.
The company had posted a net profit of Rs 90.52 crore in the same quarter last fiscal, TVS Motor Co said in a BSE filing.
Net sales during the period under review stood at Rs 2,776.39 crore as compared with Rs 2,395.47 crore in the year-ago period - up 15.9 per cent.
During the quarter, motorcycle sales were at 2.47 lakh units as against 2.21 lakh units in the year-ago period, up 11.76 per cent.
