Why Vadilal Industries stock crashed up to 15% in trade today

Why Vadilal Industries stock crashed up to 15% in trade today

The Vadilal Industries stock fell in trade today after the firm said the Audit Committee and Board of Directors have not been able to conclude on certain matters and hence limited review related agenda item has been postponed. The micro cap stock fell up to 14.96% to 443 level compared to the previous close of 520.95 level on the BSE.  It opened at a loss of 4.60% at 497 level.

The stock hit an intra day high of 497 level on the BSE.

Why Vadilal Industries stock crashed up to 15% in trade today

The stock has been falling over last four days and lost 13.38% during the period.

It has lost 52.03% during the last one year and gained 51.49% since the beginning of this year.

The stock is trading below 50 day and 200-day moving average of 508 and 578 level.

The company’s standalone net loss during the second quarter of this fiscal stood at Rs 1.02 crore compared to net profit of Rs 1.28 crore in the corresponding period of previous fiscal.

Net revenue of the company rose moderately by 13.90 per cent at Rs 125.98 crore in July-September quarter of this fiscal as against Rs 110.61 crore in the corresponding period last year.

During July-September quarter, operating expenses increased by 16.51 per cent to Rs 123.76 crore from Rs 106.22 crore in year ago period.

Other income dipped by 42.86 per cent at Rs 0.40 crore  in the second quarter compared to Rs 0.70 crore in the corresponding quarter of previous fiscal.

Vadilal Industries is engaged in the business of manufacturing ice cream and flavoured milk, and processing and exporting processed food products, such as canned pulp. The company’s segments include ice cream, processed foods and others.

The company has two ice-cream production facilities: one at Pundhra in Gandhinagar, Gujarat and the other at Bareilly in Uttar Pradesh.

The company is involved in processing frozen fruits, vegetables and processed foods at factory situated at Dharampur, Valsad, Gujarat. It exports its products to various countries.

Meanwhile, the Sensex and Nifty were trading lower today amid weak Asian markets unnerved by US political developments including a US federal government shutdown and President Donald Trump’s hostile stance towards the Federal Reserve chairman.

While the Sensex fell 248 points to 35,221, Nifty was down 66 points to 10,596.

source: businesstoday