Eicher Motors shares tank over 7 pc on weak Q1 numbers

Eicher Motors on Thursday reported a consolidated net loss of Rs 55 crore for the first quarter ended June 30, as sales were adversely hit due to COVID-19 pandemic. The company had posted a net profit of Rs 452 crore in April-June period of last fiscal.

Shares of Eicher Motors on Friday tanked over 7 per cent after the company reported a consolidated net loss of Rs 55 crore for the first quarter ended June 30. The stock tumbled 7.11 per cent to close at Rs 20,129.65 on the BSE. During the day, it declined 7.38 per cent to Rs 20,070.95.

On the NSE, it plunged 7.14 per cent to close at Rs 20,124. Eicher Motors on Thursday reported a consolidated net loss of Rs 55 crore for the first quarter ended June 30, as sales were adversely hit due to COVID-19 pandemic.

The company had posted a net profit of Rs 452 crore in April-June period of last fiscal. Total revenue declined 66 per cent in first quarter to Rs 818 crore, as compared with Rs 2,382 crore in the same period of 2019-20, Eicher Motors said in a statement.

"The previous quarter put forth unprecedented challenges for the industry and for Eicher Motors. However, we believe that the long term potential for both Royal Enfield and VECV is very promising," Eicher Motors Managing Director Siddhartha Lal said.