Motherson Sumi Systems' shares drop 5.5 pc after Q3 earnings

New Delhi, Feb 10 () Shares of auto component major Motherson Sumi Systems on Monday fell by 5.5 per cent after it reported a 38.67 per cent decline in consolidated net profit for the third quarter ended on December 31, 2019.

On the BSE, the stock plunged 5.56 per cent to close at Rs 124.95. During the day, it plummeted 8.23 per cent to Rs 121.40.

On the NSE, the scrip fell 5.17 per cent to close at Rs 125.45.

Motherson Sumi Systems Ltd on Monday reported a 38.67 per cent decline in consolidated net profit at Rs 340.32 crore for the third quarter ended on December 31, 2019.

The company had posted a consolidated net profit of Rs 554.99 crore in the same quarter last fiscal, Motherson Sumi Systems Ltd (MSSL) said in a regulatory filing.

Revenue from operations during the quarter under review stood at Rs 15,436.46 crore, as against Rs 16,233.65 crore in the year-ago period, it added.

MSSL Chairman Vivek Chaand Sehgal said these results reflect the efforts of the team to 'breathe with the market' and noted that there were "challenging conditions" in the market. SUM

RUJ