Piramal Enterprises shares tank nearly 14% after company reports net loss of Rs 1,703 cr in March quarter
Shares of Piramal Enterprises on Tuesday plunged nearly 14 percent after the company reported a net loss of Rs 1,702.59 crore in the quarter ended 31 March
New Delhi: Shares of Piramal Enterprises on Tuesday plunged nearly 14 percent after the company reported a net loss of Rs 1,702.59 crore in the quarter ended 31 March.
On BSE, it plunged 9.99 percent to Rs 839.05, while the scrip of the company dived 13.87 percent to Rs 802.30 on NSE.
'We have made a provision for COVID, have enough cover based on our stress assessment'
— CNBC-TV18 (@CNBCTV18Live) May 12, 2020
The Ajay Piramal-led firm on Monday reported a net loss of Rs 1,702.59 crore in the quarter ended 31 March, mainly on the back of additional provisioning in lieu of the challenges posed by the COVID-19 pandemic.
The company had reported a net profit of Rs 454.63 crore in the corresponding quarter of the last fiscal.
Its total income for the quarter also declined to Rs 3,341 crore from Rs 3,408.62 crore as the company is focusing on deleveraging its business.
"The COVID-19 crisis comes at a time when there is a prevailing slowdown. Therefore, the board thought it prudent to make an additional provisioning of Rs 1,903 crore, which has resulted in the total provisioning increase to Rs 2,693 crore, which represents 5.8 percent of the book," Piramal said.
The phone call between WHO head Tedros Adhanom Ghebreyesus and Minister Ma Xiaowei came on the same day as China announced that nearly 60,000 COVID-19 deaths were reported since the country lifted its strict 'Zero Covid Policy' on 7 December
Secretary for Health Lo Chung-mau says curbs easing to go ahead despite expected surge in cases after holiday, arguing city has strong immunity levels to combat virus
It is expected that the Lunar New Year holiday travel rush – known as Chunyun – can drive a new wave of infections in China, especially in its vulnerable countryside. Last week, Xi Jinping also acknowledged concerns about a COVID-19 spike in rural China