Shares of auto components major Bharat Forge Ltd tumbled over 10 per cent on Monday after the company reported a consolidated net loss of Rs 68.59 crore in the fourth quarter ended March 31.
The scrip plunged 10.25 per cent to close at Rs 316.50 on the BSE. During the day, it tanked 11.65 per cent to Rs 311.55.
At the NSE, it tumbled 9.98 per cent to close at Rs 317.30.
In terms of volume, 6.09 lakh shares were traded on the BSE, while 98 lakh shares changed hands on the NSE during the day.
The company on Monday reported a consolidated net loss of Rs 68.59 crore in the fourth quarter ended March 31, on account of lower revenue and impairment of its investment in associate firm Tevva Motors Jersey Ltd due to the coronavirus pandemic.
It had posted a consolidated net profit of Rs 324.09 crore in the corresponding quarter of the previous financial year, Bharat Forge said in a regulatory filing.
Its consolidated revenue from operations during the period under review stood at Rs 1,741.92 crore as compared with Rs 2,670.78 crore in the year-ago period, it added.
For financial year 2019-20, the company''s consolidated net profit stood at Rs 349.25 crore as against Rs 1,032.6 crore in the previous year.
The firm''s revenue from operations in 2019-20 was at Rs 8,055.84 crore as against Rs 10,145.73 crore in 2018-19, the company said.
Bharat Forge said it has provided an amount of Rs 89 crore towards impairment of its investment in Tevva Motors Jersey Ltd, which is a start-up company for modular electrification systems for medium-duty commercial vehicles.
"Like several other start-ups, Tevva too has been severely affected due to the COVID-19 crisis. While Tevva''s technology platform is evolving, its financing and commercial outlook remains uncertain now," the company said
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