Stocks That Sank Over 3% Post Q3 Results, in Early Session on Thursday

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Stocks That Sank Over 3% Post Q3 Results, in Early Session on Thursday

By Malvika Gurung

Investing.com -- ICICI Lombard General Insurance Company (NS: ICIL ): Shares of the country’s largest private-sector non-life insurer tanked 6.86% to Rs 1,339.75 apiece at 9:40am on Thursday, after reporting a marginal net profit gain of 1.27% at Rs Rs 318 crore in Q3 FY22 on a YoY basis, while its gross direct premium income or GDPI grew 16.5% compared to the industry growth of 4.9%. Its PAT rose 0.7% to Rs 421 crore, YoY in Q3. 

CEAT (NS: CEAT ): The tyre manufacturing stock declined 4.23% to Rs 1,087.2 apiece in morning session on Thursday, after tanking 8% earlier, on reporting a consolidated net loss of Rs 20 crore in Q3, compared to a net profit of Rs 132 crore last year, due to a 24% increase in input material costs on-year. Its EBITDA eroded over 50% to Rs 134 crore in Q3.

Tata Communications (NS: TATA ): The telecommunications company’s shares slid 3.11% to Rs 1,467.2 apiece while drafting this report, on reporting muted earnings in Q3. Revenue emerged flat, EBITDA declined 2.7% to Rs 1082 crore, while EBITDA margin came down to 25.9%, compared to last quarter. This is due to a sharp decline in its voice business.

Rallis India (NS: RALL ): The chemical manufacturing company’s stock declined 5.88% to Rs 277.9 apiece on Thursday, on reporting a consolidated net profit of Rs 39.56 crore in Q3, down 13.3% on a YoY basis, while its revenue from operations grew 10% to Rs 628.08 crore in the quarter.

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