India's Finolex Industries falls on lower Q2 revenue, ownership dispute

Finolex Industries

23/10/2023 07:43

** Shares of Finolex Industries  FINX.NS  fall as much as
8.09% to 206.65 rupees
    ** The polyvinyl chloride pipes maker posts 6.17% Y/Y slide
in Q2 revenue from operations
    ** Brokerage Investec terms the drop in revenue "dismal"
    ** Adds resolution on ownership dispute between Deepak
Chhabria and Prakash Chhabria, crossholding of FINX and Finolex
Cables could help in stock re-rating
    ** Finolex Cables shareholders, including Prakash
Chhabria-controlled Orbit Electricals and Finolex Industries,
voted against appointment of Deepak Chhabria as executive
chairman
    ** Orbit Electricals and FINX hold 30.7% and 14.51% stake in
Finolex Cables, respectively
    ** FINX down 6.36% in October and 18.5% YTD so far,
including today's losses

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463))