M&M stock slips on BSE over poor performance in Q2
Stocks
oi-Staff
By Super
Mahindra & Mahindra lost over 3% on the bourses today after the company reported 2.77% drop in Q2 standalone net profit. It's PAT stood at Rs 737 crore against Rs 758 crore reported same quarter previous year.
On the Bombay Stock Exchange (BSE), the scrip of the company was trading 26.60 points or 3.17% down at Rs 811.80.
The same fashion was seen at the National Stock Exchange (NSE), the stock was down by 33.60 points 4% at Rs 807.80.
The net sales of the company stood at Rs 7,307 crore during the quarter ended September 30.
The company was able to maintain its profit despite the relentless increase in material costs due to a good volume performance by both Vehicles and Tractors in a difficult market and a tight control on expenses, quoted in the statement to BSE.
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