Olectra Greentech Stock Falls Over 9% After Q1 Revenue Drops

Shares of Olectra Greentech Ltd. declined over 9% on Tuesday after its revenue dropped 23% in the first quarter.

However, the company's consolidated net profit rose 8% to Rs 18.1 crore in the June quarter, according to an exchange filing on Monday.

• Revenue down 23% at Rs 216 crore.

• Ebitda up 16% at Rs 42 crore.

• Ebitda margin at 19.5% vs 12.9%.

• Net profit up 8% at Rs 18.1 crore.

Shares of Olectra Greentech were trading 5.24% lower at Rs 1,076.90 apiece, compared to a 0.23% decline in the benchmark NSE Nifty 50 as of 11:21 a.m. The stock fell to an intraday low of 9.26%.

The total traded quantity so far in the day stood at 0.8 times the 30-day average volume. The stock's relative strength index stands at 42.79