PI Industries Share Price Slips 9% After Revenue Misses Estimates

PI Industries shares were down as much as 9% after its revenue missed analyst estimates for the second quarter. It reported a revenue of Rs 2,221 crore versus a forecast of Rs 2,297 crore. 

PI Industries share price fell as much as 9% during the day to Rs 4,045.85 apiece on the NSE. It was trading 5.13% lower at Rs 4,218 apiece, compared to an 0.26% advance in the benchmark Nifty 50 as of 10:11a.m. 

It has risen 13.94% in the last 12 months and 19.74% on a year-to-date basis. The total traded volume so far in the day stood at 29 times its 30-day average. The relative strength index was at 35.06.

Eighteen out of the 29 analysts tracking PI Industries have a 'buy' rating on the stock, five recommend a 'hold' and six suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 11.5%.