Stocks of commercial vehicle financier Shriram Transport Finance settled 15 per cent lower on Monday, wiping out Rs. 3,295 crore from its market valuation, after the company reported 73 per cent drop in consolidated profit after tax for the quarter ended March.
After plunging 15.97 per cent to Rs. 818 in intra-day trade, shares of Shriram Transport finally ended at Rs. 828.20, down 14.93 per cent on the BSE.
On the NSE, it slumped 14.62 per cent to close at Rs.828.
Tracking weakness in the stock, the company’s market valuation plunged by Rs. 3,295 crore to Rs. 18,791.99 crore.
“Shriram Transport fell more than 15 per cent in the day after it announced its Q4 results which could not manage to meet street expectations,” said Hiren Dhakan, Associate Fund Manager, Bonanza Portfolio Ltd.