Shares of Tata Coffee
tumbled up to 7 per cent in morning trade on Thursday after the company posted over 51 per cent decline in net profit for the October-December period.
Shares of the company started on a bearish note and further lost 6.99 per cent to touch an early low of Rs 801 on the Bombay Stock Exchange.
On the National Stock Exchange, the stock plummeted 6.62 per cent to Rs 800.75.
Tata Coffee reported 51.67 per cent dip in net profit at Rs 24.03 crore for the quarter ended December 31,
due to poor performance of one of its coffee brand - Eight O' Clock.
The company had a net profit of Rs 49.73 crore in the quarter ended December 31, 2010.
The fall in the stock was in contrast with the strong market trend, where the BSE benchmark Sensex was trading 153.62 points higher at 1055 hrs.
Tata Coffee, however, pared some of the losses and was trading 3.62 per cent down at 1055 hrs on the BSE.
Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
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