Shares of Tejas Networks tanked over 8% on Monday to hit an intraday low of ₹777.
What Happened: The slump today comes as the Tata Group company reported its earnings for the quarter ended June. The company’s revenue from operations went up close to 50% year-over-year to ₹189.87 crore. The company booked a loss of 26.3 crore in the June quarter as compared to the ₹6.6 crore loss it booked in the same quarter last year.
See Also: Adani-Bain, Tesla Update, Tata Steel And More: Top Stories From Weekend You Can’t Miss
EBITDA loss stood at ₹46.27 crore with an EBITDA margin of -24.6%. The dampened results seem to have affected the stock’s impressive rally this year. The stock has gone up over 30% on a year-to-date basis and even hit a new 52-week high of ₹893.30 last week.
Price Action: Tejas Network’s share price recovered a bit after the early slump to trade 4.05% lower at ₹811.10 at the time of writing on Monday.
Read Next: Reliance Shares Slump After Q1: Buy, Sell Or Hold?
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.