Navneet Education posts sharpest fall in over 2 years on profit slump

Navneet Education

10/11/2022 10:19

** Shares of Navneet Education Ltd  NAVN.NS  fall as much as
14.7% to 121.50 rupees after reporting losses for the Sept. qtr 
    ** Co reported a net loss of 22 million Indian rupees
($269,063.78) vs a profit of 55.8 mln rupees a yr ago
    ** NAVN's cost of materials consumed soared 82.5% to 1.94
bln rupees, total expenses rose 42.3% 
    ** Q2 rev from ops grew 42.7% to 3.3 bln rupees 
    ** NAVN's stock sees biggest intra-day pct. loss since March
23, 2020
    ** Stock lowest since Aug. 4
    ** More than 2.6 mln shares change hands by 1014 GMT vs
30-day avg of 353,841 shares
    ** Stock up 60.6% so far this year, up to last close 
($1 = 81.7650 Indian rupees)
 (Reporting by Biplob Kumar Das in Bengaluru)
 ((Biplobkumar.das@thomsonreuters.com))