Kirloskar Oil Shares Tumble Nearly 10% After Q2 Profit Declines

Shares of Kirloskar Oil Engines Ltd. fell nearly 10% on Friday after its second-quarter profit declined.

Shares of Kirloskar Oil Engines fell as much as 9.95%, the lowest since Oct. 26, before paring loss to trade 6.51% lower at 10:09 a.m. This compares to a 0.69% advance in the NSE Nifty 50.

The stock has risen 62.7% on a year-to-date basis. Total traded volume so far in the day stood at 8.8 times its 30-day average. The relative strength index was at 48.2.

All three analysts tracking the company maintain a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies an upside of 23.1%.