Index heavyweight ITC, reported net profits that lagged estimates with profits at Rs 2,431 crores for the quarter ending Sept 20, 2015 vs Rs 2,425 crores (YoY).
Sales at the company were at Rs 8,804 crores vs Rs 8930 crores (YoY). The FMCG business for the company continued to do well with sales growing marginally to Rs 6668 crores for the quarter ending Sept 20, from Rs 6446 crores in the corresponding period of last year.
The ITC stock saw a sharp decline in trade by 4 per cent as the results did not match expectations. The company has been reporting numbers that lag estimates, and the stock has been underperforming the indices in the last few quarters.
However, recently there has been a rally in the stock, but today the stock dropped by a huge 4 per cent in trade.