Motherson Sumi stock extends losses post results

The stock has tanked over 5 percent in trades so far even as the company's Q1 net soared over 62 percent on a y-o-y basis.

Motherson Sumi has extended losses and now trading with a loss of over 5 percent at Rs. 368 despite reporting strong Q1 results.

Earlier in the day, the stock had touched a high of Rs. 396 in opening trades, and then tanked to a low of Rs. 370 after the company announced its results.

The company today reported 62.3 percent growth in Q1FY16 consolidated net at Rs. 265.76 crore when compared with Rs. 163.73 crore in Q1FY15. Total income too increased by 12 percent to Rs. 9,409.51 crore from Rs. 8,396.45 crore.

The counter has seen heavy volume of around 603,000 shares as against the two-week daily average volume of around 354,000 shares on the BSE.

Meanwhile, the Sensex is up 103 points at 28,326.