NEW DELHI: Shares of CG Power and Industrial Solutions, which supplies industrial machinery such as motors and generators, fell nearly 13 per cent to Rs 53.85 on Friday, its lowest since April 2016.During the session, more than 37.5 million shares traded against their 30-day moving average of 2.3 million.The stock is on track to post losses for a fourth straight session.
It lost nearly 20 per cent in the previous session after the company posted results after trading hours on Wednesday.The company's March quarter consolidated loss widened to Rs 582 crore, hurt by an exceptional loss of Rs 415 crore.Brokerage Citi says Q4 results was below expectations and has retained sell on the stock with target price of Rs 76.
"Though certain international operations are profitable, the albatross around the neck are the loss-making ones, which negate the positives of the domestic operations as carrying costs keep mounting," citi added.
Citi says the Hungarian business divestment, which has been a drag on profitability, has been delayed.
The scrip has fallen 34 per cent this year up to Thursdays close.
At 02:30 pm, shares of the company were trading at Rs 55.60 apiece, down 10.11 per cent.
(With inputs from Reuters)