Shares of Bajaj Electricals today fell sharply by 14 per cent after the company's June quarter earnings failed to meet market expectations.
Bajaj Electricals stock nosedived 14.04 per cent to close the day at Rs 286.65 on the BSE. Intra-day, it tumbled 14.82 per cent to Rs 284.
At the NSE, it slumped 13.77 per cent to Rs 288.
Following the dip in the stock, the company's market value fell by Rs 468.67 crore to Rs 2,874.33 crore.
Bajaj Electricals today reported over 8-fold increase in net profit at Rs 5.63 crore for the quarter ended June 30 on good performance of engineering and projects division and higher sales, particularly in the consumer durables segment.
The company had posted a net profit of Rs 66 lakh in the same quarter of the previous fiscal, Bajaj Electricals said in a statement.
"Bajaj Electricals reported its Q1FY15 numbers that were in line with our estimates in terms of revenue but below our estimates in terms of EBITDA margin and PAT," said ICICIdirect.com Research.
Net sales during the period under review stood at Rs 885.96 crore as against Rs 787.19 crore in the same quarter last fiscal, it added.
Consumer durables segment had a revenue of Rs 504.60 crore as against Rs 432.08 crore, while profit has declined to Rs 34.63 crore as against Rs 40.34 crore earlier.