Bajaj Auto shares skid over 9 pc, m-cap drops by Rs 7,862 cr after Q1 earnings
The company's stock tanked 8.73 per cent to settle at Rs 2,841.10 on the BSE. During the day, it tumbled 9.40 per cent to Rs 2,820.
The stock was the worst hit among the blue chips on both the key indices.
In terms of equity volume, 3.27 lakh shares of the company were traded on the BSE and over 49 lakh shares changed hands on the NSE during the day.
"Bajaj Auto Q1 numbers were below our estimate," said Abhishek Jain, Analyst, HDFC Securities.
Sales during the quarter under review stood at Rs 7,267.19 crore. It stood at Rs 5,740.3 crore in the year-ago period. The two figures are not comparable as sales for first quarter this fiscal is net of tax after GST implementation in July last year.
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