Tejas Networks Ltd. shares plunged 10% during early trade on Tuesday after the Tata Group company swung into loss during the April-June period.
Net loss of the broadband data provider stood at Rs 193.9 crore during the first quarter of the ongoing financial year, as compared with a profit of Rs 77.48 crore clocked in the year-ago period, according to results released a day ago.
Revenue tanked 87% to Rs 201.98 crore. Loss in earnings before interest, tax, depreciation and amortisation was Rs 135.67 crore.
Shares of Tejas Networks fell 10% to a 52-week low of Rs 627.45 apiece on the National Stock Exchange. The benchmark Nifty 50 was up 0.25%.
The total traded volume so far in the day stood at 28 times its 30-day average. Over 18 lakh shares changed hands worth Rs 119.16 crore. The relative strength index was at 30.
The stock has fallen 54% in the last 12 months and 45% on a year-to-date basis.
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