Shares of Steel Strip Wheels fell sharply today

Steel Strip Wheels Ltd., a maker of rims for automobiles, fell sharply on Tuesday after the company reported a modest fall in unit sales for the month of August, primarily on lower exports.

Steel Strips said it sold 11.14 lakh units last month compared with 11.59 lakh units in the same month last year as exports fell 14 percent. However, Steel Strips said its sales rose to 119.44 crore rupees in August versus 116.04 crore rupees in the year-ago month due to heavy value addition.

The stock fell 14.60 rupees, or 4.4 percent, to 321.25 rupees on the National Stock Exchange where 6,900 shares were traded compared with 12,100 shares as its 5-day average.

Steel Strips' market capitalisation has jumped 14 percent to 490 crore rupees in the past one year. The stock trades at 1.4 times its book value of 235 rupees.

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