Titan shares close nearly 4 pc lower post Q1 earnings

Shares of Titan Company closed nearly 4 per cent lower on Tuesday after the firm reported a consolidated net loss of Rs 297 crore for the June quarter impacted by lower income due to the COVID-19 pandemic.

Shares of Titan Company closed nearly 4 per cent lower on Tuesday after the firm reported a consolidated net loss of Rs 297 crore for the June quarter impacted by lower income due to the COVID-19 pandemic. The Tata group firm's stock closed at Rs 1,066.50, 3.73 per cent lower, on BSE. During the day, it tumbled 5.19 per cent to Rs 1,050.20.

On NSE, it plunged 3.57 per cent to settle at Rs 1,068. The company had reported a net profit of Rs 364 crore in the corresponding period of the preceding fiscal. Total income during the quarter under review declined 61.21 per cent to Rs 2,020 crore as compared to Rs 5,208 crore earlier, Titan said in a regulatory filing. Titan Company managing director C K Venkataraman said: "The severity of the disruption in business due to the pandemic impacted the company's performance resulting in an unprecedented loss for the company. "The recovery in business, particularly in the jewellery business is encouraging and we expect to get back to normalcy by the fourth quarter of this year." Titan Company said the disruption caused by the COVID-19 pandemic affected its performance severely, with retail outlets closed for a major part of the quarter, resulting in a decline in income.