Eveready Industries stock falls by 7%

Eveready Industries stock plunged in view of 96% drop in the fourth quarter net profit.

Battery maker Eveready Industries today plunged over 7 per cent on the bourses in view of 96 per cent drop in the fourth quarter net profit.

The result was announced after market hours yesterday. The scrip fell by as much as 7.2 per cent to Rs 45.10 on the Bombay Stock Exchange. Intra-day it tumbled 8.9 to a low of Rs 44.60.

Similarly,it tumbled 7.7 per cent to Rs 44.95 a piece on the National Stock Exchange.

Marketmen attributed the fall to weak quarterly earnings.

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Over five lakh shares of the company changed hands on both the bourses.

The company registered 96 per cent dip in net profit at Rs 3.86 crore in Q4 FY’11 ended on March 31,on cost pressure and de-growth in certain product segments.

Its net sales were Rs 204.07 crore during the quarter,as compared to 227.40 crore in the same period in 2009-10.

The 30-share Bombay Stock Exchange’s Sensitive Index,or Sensex,advanced 308.23 points or 1.69 per cent,to 18,518.81.

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