Prism Cement shares fell sharply as it reeled under losses

Shares of Prism Cement Ltd., a mid sized maker of the commodity, fell sharply after the company announced it continued to reel under losses on account of lower realisations.

Prism said its first quarter Net loss stood at 8 crore rupees compared with 13 crore rupees in the same quarter a year ago. Sales during April-June fell marginally to 1,369 crore rupees from 1,388 crore rupees in the year ago period.

Prism fell 7.7 percent, or 8.50 rupees, to 100.25 on the National Stock Exchange, where 6 lakh shares were traded by 3.25 pm compared with the 5-day average of 3.56 lakh shares.

Prism's market capitalisation has dropped 42 percent in the past one year to 5,424 crore rupees as investors preferred front line cement plays instead of regional companies.

(Image credits: Indiatimes)