ABB India Shares Dip Amid Profit Decline

Shares of ABB India dropped over 5% as the company revealed a 20% decrease in net profit to Rs 352 crore for the June quarter. Despite increased revenue, forex volatility and higher expenses impacted earnings. Market indices, however, closed positively, with both Sensex and Nifty rising.

Shares of ABB India fell by more than 5% on Monday following the release of their financial report showing a 20% drop in net profit to Rs 352 crore for the June quarter.

The company's stock closed at Rs 5,100 apiece on both BSE and NSE, reflecting a decline of over 5% on each exchange. Despite the decrease in profit, ABB India reported increased revenue. However, the negative financial performance was attributed to forex volatility and higher costs.

In contrast, the broader market showed positive movement with the 30-share Sensex gaining 418.81 points to end at 81,018.72 and the NSE Nifty rising by 157.40 points to settle at 24,722.75.

(With inputs from agencies.)