Why This Adani Stock Crashed 7% Today

Shares of NDTV crashed on Monday afternoon after the broadcaster posted its results for the quarter ended September.

What Happened: In the September quarter, the Adani Group company’s consolidated net profits crashed around 50% to ₹5.68 from the ₹12.21 crore profit it booked in the same quarter last year. Revenue from operations came in at ₹95.55 crore, down around 10% from the ₹105.80 crore revenue it booked in the September quarter of 2022.

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However, on a sequential basis, the company numbers did bounce back. Revenue was up 26.6% from ₹75.09 crore and profit jumped back in the green after the June quarter saw a loss of around ₹9.37 crore.

Shares of the company that were already trading lower, fell sharply after the results were announced at around 2:45 pm. The NDTV share price fell as much as 7.2% to hit an intraday low of ₹192.90.

Price Action: NDTV’s share price was down 3.67% to close at ₹201 on Monday.

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Posted In: EarningsEquitiesNewsMarketsMoversTrading IdeasAdani GroupNDTV