Shares of Andhra Paper Ltd. snapped their three-day rally on Wednesday after its net profit fell in the quarter ended March 2024.
Net profit of the paper company fell 75.04% year-on-year to Rs 38.41 crore, during the January-March period. Its revenue from operations also declined 38.3% to Rs 364.38 crore.
The company has announced a final dividend of Rs 10 per share.
The company has also announced the approval of a stock split, wherein one equity share of face value Rs 10 each, will be split into five equity shares of face value Rs 2 each, fully paid up.
This has been done to facilitate a larger shareholder base, aid liquidity in the capital market, and make the shares more affordable to small retail investors, the company's filing said.
Shares of the company fell as much as 3.90%, the lowest level since May 10, before paring loss to trade 2.05% lower at 12:43 p.m. This compares to a flat in the NSE Nifty 50.
The stock has fallen 15.9% year-to-date, but risen 15.36% in the last 12 months. Total traded volume so far in the day stood at 1.9 times its 30-day average. The relative strength index was at 48.96.
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