Shares of Man Industries Ltd. fell over 10% after its profit tumbled in the third quarter.
Man Industries Ltd.'s net profit fell 17.74% year-on-year to Rs 30.6 crore in the quarter ended December, according to an exchange filing. .
Further, the lender's margin narrowed to 7.76% in the third quarter.
Man Industries Q3 Results Key Highlights (Consolidated, YoY)
Revenue up 26.57% at Rs 833.02 crore.
Ebitda up 9.88% at Rs 64.72 crore.
Margin at 7.76% vs 8.94%.
Net profit down 17.74% at Rs 30.6 crore.
Board approves raising up to Rs 250 crore via QIP.
Shares of the company fell as much as 10.48% to Rs 328.55, the lowest level since Jan 12. It pared losses to trade 6.02% lower at Rs 344.90 as of 10:15 a.m. This compares to 0.40% rise in the benchmark Sensex.
The stock has risen 324.75% in past 12 months. Total traded volume so far in the day stood at 3.6 times its 30-day average. The relative strength index was at 58.19.
One analysts tracking the company maintains a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies an upside 12%.
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