Crompton Greaves shares plunge 28.5% on Rs 107 crore Q3 loss

Shares of engineering conglomerate Crompton Greaves on Wednesday fell sharply by 28.5% after the company reported a consolidated net loss of Rs 107.03 crore in the quarter ended December 31.

The stock after making a weak opening further crashed by 28.45% to Rs 119.55 -- its 52-week low -- on BSE. At NSE, shares of the company slumped 28.52% to hit its one-year low of Rs 119.55.

At 1305 hours, the shares of the company were trading down 22.14%, or Rs 37 at Rs 130.10. The group had posted a net profit of Rs 274.29 crore in the corresponding quarter last fiscal, the company said is BSE filing.

Total income fell to Rs 2,087.52 crore in the October- December quarter of 2015-16, from Rs 2,436.42 crore in the corresponding period last fiscal, the company had said in a filing to BSE on Tuesday.

In a separate filing, the Avantha group company said that K N Neelkant will take over as the CEO and MD of the company with effect from February 3 as Laurent Demortier will step down from the post. The company further said Madhav Acharya will join as member of its board as Executive Director Finance in addition to being CFO of the company, from April 1, 2016.

CG is a $2 billion (Rs 13,636 crore) engineering conglomerate with a portfolio of products, solutions and services ranging from high-end power and industrial equipments and solutions, to consumer products and home appliances.