India's Rane Holdings down 9% after Q4 loss widens

Rane Holdings

12/05/2023 10:08

** Shares of Rane Holdings Ltd  RANE.NS  fall as much as
8.8% to 882.50 rupees, mark sharpest intraday pct loss since
Dec. 21, 2020
    ** Co reported wider Q4 net loss of 188.5 mln rupees ($2.30
million) vs loss of 187 mln rupees yr ago while its rev from ops
rose 19.7% Y/Y
    ** Total expenses rose 15.8% due to sharp uptick in cost of
material which rose 16% 
    ** Automotive components maker also declared a dividend of
17 rupees per shr
    ** Stock is witnessing its most active trading session since
Dec. 28, 2022
    ** More than 178k shares change hands by 2:13 p.m. IST,
13.7x 30-day avg of 13,055 shares
    ** Stock erased YTD gains, dragged by the sharp slide post
Q4 results 


($1 = 81.7800 Indian rupees)

 (Reporting by Ashish Chandra in Bengaluru)
 ((ashish.chandra@thomsonreuters.com (+91 7982114624))