Piramal Enterprises share price tumbles 10% on weak Q4 earnings

Piramal Enterprises posts net loss of Rs 1,702.59 cr in Q4 Piramal Enterprises share price fell over 10% intraday after the firm posted Rs 1,702.59 crore in Q4 due to the impact of COVID-19 pandemic. In comparable period of year ago, the company posted net profit of Rs 454.63 crore.

Share price of Piramal Enterprises fell 10% to Rs 839.05 comared to the previous close of Rs 932.25. Piramal Enterprises stock opened with a loss of 7.11% today at Rs 866 on BSE. Piramal Enterprises share has fallen 42% year-to-date and lost 60% during last one year. Piramal Enterprises share is trading lower than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.The stock pared most losses to end 3.36% lower at Rs 900.95 on BSE. 

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Total 3.42 lakh shares changed hands on BSE amounting to turnover of Rs 29.66 crore. Market cap of the firm fell to Rs 20,344 crore.

The firm's revenue from operations fell 1.98 per cent to Rs 3,341 crore during the quarter under review compared with Rs 3,408.52 crore in the corresponding quarter of the previous year.

"The Group has estimated and recognised an additional expected credit loss of Rs 1,903 crore on certain financial assets, on account of the anticipated effect of the global health pandemic," the company said.

"As a result of the uncertainties resulting from COVID-19, the impact of this pandemic may be different from those estimated as on the date of approval of these financial results and the Group will continue to monitor any changes to the future economic conditions," it added. Its total expenses during the quarter stood at Rs 4,876.77 crore.