Shares of Motilal Oswal Financial Services Ltd. dipped over 10% in trade after the company posted a net loss in the March quarter.
Motilal Oswal Q4 Highlights (Consolidated, YoY)
Total income down 44% to Rs 1,208.6 crore versus Rs 2,171.9 crore.
Net loss of Rs 64.8 crore versus profit of Rs 723.1 crore.
The company reported losses based on the higher expenses that it incurred this quarter. Among the expenses, employee benefit expenses accounted for the highest expense of the lot at Rs 432.50 crore.
Motilal Oswal's stock fell as much as 10.16% during the day to Rs 679.2 apiece on the NSE. It was trading 8.32% lower at Rs 639.1 apiece, compared to an 0.66% decline in the benchmark Nifty as of 2:58 p.m.
It has risen 13.57% in the last 12 months and declined 26.7% on a year-to-date basis. The total traded volume so far in the day stood at 3.6 times its 30-day average. The relative strength index was at 54.09.
Three out of the five analysts tracking the company have a 'buy' rating on the stock and two recommend a 'hold', according to Bloomberg data. The 12-month analysts' consensus target price on the stock is Rs 935, implying a upside of 35.2%.
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