Suffering its biggest intraday fall in over a decade, shares of Page Industries plunged 11 per cent to Rs 19,527.55 in Monday's session on weaker-than-expected March quarter numbers. The company, last Friday, reported a 20.42 per cent fall in its March quarter profit at Rs 74.98 crore against Rs 94.22 crore in the corresponding quarter a year ago. The recorded sales stood at Rs 607.86 crore for the quarter ended March 31, 2019, with nil growth over the corresponding quarter of the previous year. Its total income came at Rs 616.56 crore against Rs 615.70 crore in the same quarter of the financial year 2018, the company said in a BSE filing.
The board of directors of the company declared a fourth interim dividend of 2018-19 of Rs 41 per equity share and fixed first June 2019 as the the record date for the payment of the interim dividend. The earning numbers disappointed the market. Global brokerage Credit Suisse downgraded the stock to underperform from neutral after the Q4 numbers, cutting the target price to Rs 18,700 from Rs 23,221. The brokerage said the company's growth slumped further during the fourth quarter and the management has not seen any pick up in the first quarter of FY20. Page Industries a leading manufacturer of innerwear, athleisure, sleepwear and swimwear for men, women and kids in India.