India's Mahindra CIE sees worst day since Feb 2016 on Q1 profit drop

CIE Automotive India

22/07/2019 05:24

** Shares of Mahindra CIE Automotive Ltd  MAHN.NS  fall as
much as 11.8% to 182.3 rupees, their biggest daily percentage
loss since Feb 2016
    ** The auto components supplier on Friday posted 9% fall in
June-quarter profit to 1.26 billion rupees ($18.25 million)
 urn:newsml:reuters.com:*:nFWN24K0KJ
    ** The stock has an estimated PE of 12.51, below the sector
average of 16.90
    ** Stock is at its lowest since Jan 2017
    ** Up to last close, stock had fallen 19.6% this year, while
peer Minda Industries Ltd  MNDA.NS  was down 11%

($1 = 69.0300 Indian rupees)

 (Reporting by Harish Bhaskar in Bengaluru)
 ((Harish.Bhaskar@thomsonreuters.com; +91 9886782831; Reuters
Messaging: harish.bhaskar.thomsonreuters.com@reuters.net))