Shares of Kitex Garments fell as much as 20 per cent to hit intraday low of Rs 415 after the company's net profit fell sharply in the September quarter.
The Kerala-based garment maker reported a 52 per cent decline in net profit to Rs 12.92 crore in second quarter from Rs 27.15 crore during the same period last year.
Net sales of the company declined by 20 per cent to Rs 106.96 crore from Rs 134.25 crore in the just concluded quarter.
Shares of Kitex Garments saw a spurt in trading volumes as 1.14 lakh shares changed hands on the BSE compared with an average of 22,000 shares traded daily in the past two weeks.
As of 11:25 a.m., Kitex Garments traded 11.68 per cent lower at Rs 451, underperforming the Nifty which was up 0.18 per cent.
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