Mahindra CIE Automotive falls to 5-1/2 yr low as qtrly profit tanks

CIE Automotive India

27/02/2020 06:03

** Shares of auto parts supplier  MAHN.NS  fall as much as
7.8% to 130 rupees, their lowest since June 2014
    ** Company's Dec. qtr profit after tax dived 90%, hurt by
weak sales, auto industry growth  urn:newsml:reuters.com:*:nFWN2AQ0LP
    ** Car sales in India fell for the 15th consecutive month in
January, hurt by slowing economic growth and rising cost of car
ownership  urn:newsml:reuters.com:*:nL4N2AA2OJ
    ** About 253,500 shares change hands, 1.8x 30-day average
    ** MAHN shares have fallen 18.5% so far this year
    
    
    

 (Reporting by Nallur Sethuraman in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (+91 8061822737); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))