Mahindra Finance shares plunge 10.5 pc post Q1 numbers

Shares of Mahindra and Mahindra Financial Services plunged 10.5 per cent on Wednesday after the company reported a 66 per cent decline in consolidated net profit for the first quarter ended June. Shares of the company tumbled 10.52 per cent to close at Rs 304.35 on the BSE. Intra-day, the stock tanked 14.99 per cent to touch its 52-week low at Rs 289.15.

On the NSE, shares cracked 10.37 per cent to close at Rs 304.85. In terms of volume, 17.07 lakh shares were traded on the BSE and over two crore units were traded on the NSE.

Mahindra and Mahindra Financial Services (Mahindra Finance) posted a 66 per cent decline in consolidated net profit at Rs 108.50 crore in the first quarter ended June, the company said on Tuesday. It had registered a net profit of Rs 322.30 crore in the corresponding quarter of the previous year.

Total income (consolidated) was, however, up 23 per cent to Rs 2,838.40 crore during June 2019 quarter as against Rs 2,302 crore in the year-ago period, the company said in a regulatory filing. On a standalone basis, the net profit was down 75 per cent to Rs 68.40 crore as against Rs 269.10 crore. Income rose 24 per cent to Rs 2,412.50 crore from Rs 1,939.70 crore a year ago, it added.