Shares of ITC Ltd fell by 3 per cent, eroding Rs 8,786 crore from its market valuation, after the company’s December quarter earnings failed to cheer investors.
The stock ended the day 2.78 per cent lower at Rs 257.50 on BSE. During the day, it lost 3.2 per cent to Rs 256.35.
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On NSE, shares of the company declined by 3 per cent to settle at Rs 257.40.
The company’s market valuation plunged Rs 8,786.55 crore to Rs 3,12,247.45 crore.
On the volume front, 18.33 lakh shares of the company were traded on BSE and over two crore shares changed hands at NSE during the day.
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Diversified group ITC Ltd today reported a 5.71 per cent increase in standalone net profit at Rs 2,646.73 crore for the third quarter to December as its cigarette business continued to face headwinds, coupled with demand slowdown following demonetisation.
The company had posted a net profit of Rs 2,503.76 crore during the same period last fiscal.
Total income from operations was up 4.69 per cent at Rs 13,569.97 crore for the quarter under review, as against Rs 12,961.85 crore in the previous fiscal, ITC said in a BSE filing.
Revenue from the FMCG business, including cigarettes, increased by 2.51 per cent to Rs 10,857.23 crore from Rs 10,591.22 crore in the same quarter a year ago.
During the quarter, revenue from cigarettes went up 2.24 per cent to Rs 8,287.97 crore from Rs 8,106.31 crore in the year—ago period.