Aditya Birla Chem slips big time

Aditya Birla Chemicals (India) has tanked big time today and continues to fall. It had closed yesterday at Rs.193.50 and today, it opened at Rs.185 and then slumping to an intra day low at Rs.163, down over 15%.

The market is extremely disappointed with the company’s performance for Q4FY14 where due to higher tax outgo and operating costs, its net profit was seriously dented. It ended the quarter with a whopping 90% (YoY) drop in net profit at Rs.74 lakh though net sales had risen by a healthy 63% at Rs.272 crore. Sequentially, the drop in net profit is even more drastic at 95%.