Cyient tanks 11% after missing Q1 estimates; hits new 52-week low
Shares of IT firm Cyient tanked more than 11 percent intraday on July 19 after the company missed its Q1 earnings estimates.
The company on July 18 posted a 9.7 percent rise in net profit at Rs 90.5 crore for the quarter ended June 2019 versus Rs 82.5 crore in the corresponding quarter of the last fiscal.
Its revenue increased marginally to Rs 1,089 crore in April-June quarter as against Rs 1,080 crore in the year-ago period. However, on a sequential basis, the revenue declined by 6.4 percent from Rs 1,162.9 crore.
"Our Q1 FY20 results were disappointing, we recorded a revenue of USD 156.6 million lower by 5.2 percent quarter-on-quarter and 2.6 percent year-on-year," Cyient Managing Director and CEO Krishna Bodanapu said.
The stock witnessed spurt in volume by more than 22.57 times and hit a new 52-week low value of Rs 479.30 per share on the BSE.
At 1225 hrs, Cyient was quoting at Rs 481.20, down 11.57 percent on the BSE. It has touched a 52-week low of Rs 479.30.
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