Bharat Forge Q1 Profit Sinks 28pc, Stock Down 6pc

Shares of Bharat Forge Ltd slipped an intraday low level at Rs400.65 from its previous closing price of Rs.428.50 on NSE, during mid-market session after the Auto components major reported muted Q1 numbers.

The Company on Tuesday reported a 28-pc decline in its Q1 consol net profit at Rs 171.92 crore for the first quarter ended June 30, 2019, due to lower income.

The company had reported a net profit of Rs.238.74-Cr in the corresponding period of the previous fiscal. Total income during the quarter under review figured at Rs.2372.79-Cr, down 3.31pc as against Rs.2454.07-Cr in the corresponding period a year ago period, Bharat Forge said in the stock Exchange filing.

The Bharat Forge stock reacted to the reports and touched its intraday low of Rs.400.65 per share after opening at Rs.429.20 in the morning trade.

At 1.18am, Bharat Forge share quoted at Rs.402.65 down Rs.26.05 or 6.08% on the NSE. The scrip touched an intraday high and low of Rs.400 and Rs.430.55 respectively during mid-session.

At the same time, the NSE Nifty scaled at 11088-level, down 81-pts and the BSE Sensex stood at 37,316-level, down by 265-pts.

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