Shares of Tata Global Beverages tanked over 7% after the company mentioned strong results for Q2 for this fiscal year.
The stock hit a 52-week low of Rs 205.95, down 9.3% intraday from the previous close.
The group posted a net profit of Rs 183.96 crore for the July-September quarter, up 19% YoY.
Revenue from operations stood at Rs 1,761 crore, up 4% from the corresponding quarter last year.
Morgan Stanley retained its Underweight rating on the stock with a target price of Rs 170.
“Earnings growth for the quarter was cushioned by one-offs in other income and profits from associates even as EBIDTA growth was below estimate” as per the financial statement of one analyst.
At 09:47 hours, Tata Global Beverage was quoting at Rs 213.25, down Rs 13.65, or 6.02 %.
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