Titan in intra-day trade today was dragged as much as 9.6% to an intra-day low of Rs. 1160 on the BSE. The stock last closed at Rs. 1283.85 per share on Tuesday.
On Tuesday, the company which is into jewellery making as well as watch retailer reported its second quarterly results ending September for FY20, which came in lower than estimated. Net profit for the quarter increased by 1.9% to Rs. 320 crore, while revenue surged 0.7% to Rs. 4435 crore during the quarter under review.
Margin at the company increased to 11.6% yoy from the previous recorded figure of 10.6% in the same period a year ago.
The lag in estimates came because of lower sales in the jewellery segment which recorded growth of just 11-13% in the H2FY20 in comparison to H2FY19.
Also, the finance cost as well as employee benefit related expenses led to just marginal increase in profit for the quarter.