Bajaj Auto shares recover Rs 26 after losing 5% on Thursday

Shares of Bajaj Auto rose 1% on Friday morning after a 5% drubbing on Thursday when the company announced its first quarter results. 

The stock price, on the BSE's Sensex, was trading at Rs Rs 2513, up Rs 26 per share. 

On Thursday: 

Shares of Bajaj Auto declined by 5% on Thursday, wiping-out Rs 3,800.72 crore from its market valuation, as the company's June quarter earnings disappointed investors. 

The stock fell 5.02% to Rs 2,487.75 at close on the BSE. In intra-day, it tumbled 5.35% to Rs 2,478.90. 

At the NSE, shares of the company fell by 4.95% to settle at Rs 2,489.05. 

The blue-chip stock was the biggest loser among the 50-Nifty scrips. 

The company's market value fell by Rs 3,800.72 crore to Rs 71,987.28 crore. 

"Bajaj Auto Q1 FY16 results were below estimates on the operating front. Bajaj Auto revenue grew 7% yoy which missed our expectations," said Bharat Gianani, Sr Research Analyst - Automobile, Angel Broking.

Bajaj Auto reported a 37.14% increase in standalone net profit at Rs 1,014.80 crore for the first quarter ended on June 30. 

The company had posted a standalone net profit of Rs 739.98 crore in the same period previous fiscal. Bajaj Auto net sales on standalone basis was also up 7.24% during April-June quarter to Rs 5,505.06 crore as
against Rs 5,133.37 crore in the same period previous fiscal, Bajaj Auto said in a BSE filing. 

Unit volume sales during the quarter stood at 10,13,029 units as against 9,88,430 up 2.48%. 

(With PTI)