Bata India shares slump 6% on flat Q1 profit

Mumbai, Shares of footwear major Bata India today slumped almost 6 per cent after the company reported a marginal rise in standalone net profit for the first quarter ended June 30, 2016.

The scrip tanked 5.9 per cent to Rs 520.55 on BSE.

At NSE, shares of the company plunged 5.92 per cent to Rs 520.35. Bata India yesterday reported a flat growth in standalone net profit at Rs 50.49 crore for the first quarter ended June 30. The company had posted a net profit of Rs 50.18 crore during the April-June period a year ago.

Net sales was down 1.46 per cent during the quarter under review to Rs 674.26 crore, as against Rs 684.29 crore of the corresponding quarter of the last fiscal, Bata India had said in a BSE filing.