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Page Industries Suffers Biggest Intra-Day Fall In 10 Years On Weak Q4 Results
The owner of Jockey brand, Page Industries, registered the steepest decline of 11% in its share price after the company declared weaker than expected Q4FY19 earnings. The last record share price of the company was 19471 on the BSE, with a fall of over 11%.
On Friday, the company reported its earnings for the March ended quarter which came in 20.42% lower at Rs. 74.98 crore versus Rs. 94.22 crore in the same quarter in the year ago period.
There was no growth in sales and the figure stood at Rs. 607.86 crore.
The board of directors of the company declared a fourth interim dividend of 2018-19 of Rs 41 per equity share and fixed first June 2019 as the record date for the payment of the interim dividend.
After the results, global brokerages cut down their target price for the stock to Rs 18,700 from Rs 23,221 and maintained their stance as underperform.
