Why This Tata Stock Is Crashing 8% Today

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.

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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.

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