Shares of Rajesh Exports Ltd. plunged nearly 11% to a more than eight-year low on Thursday after its profit tumbled 97% in the third quarter.
The company's consolidated net profit tumbled 97.05% to Rs 12.43 crore in the quarter ended December, according to an exchange filing.
Rajesh Exports Q3 Results Highlights (Consolidated, YoY)
Revenue down 30.7% at Rs 65,476.8 crore.
Ebitda down 97.37% at Rs 11.83 crore.
Margin narrows 45 bps to 0.01%.
Net profit down 97.05% at Rs 12.43 crore.
Shares of Rajesh Exports slumped as much as 10.85% to Rs 300.30, their lowest level since Sept. 29, 2015. It pared losses to trade 7.21% lower at Rs 312.55 as of 09:44 a.m. This compares to flat NSE Nifty 50 index.
It has declined 60.1% in past 12 months. Total traded volume so far in the day stood at 11 times its 30-day average. The relative strength index was at 23.1, which implied the stock is oversold.
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