India's SRF falls most in 10 months on Q1 profit drop

SRF

25/07/2023 05:38

** SRF shares  SRFL.NS  fall as much as 4.9% to 2,040
rupees, their steepest intraday pct decline since Sept. 30, 2022
    ** The chemicals and polymers maker on Monday reported a 41%
drop in June-quarter profit
    ** Rev fell 14.2% on a 26.8% fall in its packaging films
business
    ** Stock on track to fall in third straight session, if
trends hold
    ** Nearly 1.2 mln shares change hands as of 10:04 a.m. IST,
1.7X the 30-day moving average
    ** Mean rating of 25 analysts is "buy"; median PT is 2,969
rupees - Refinitiv data
    ** Stock down 6.4% YTD as of last close
 
 ($1 = 81.7010 Indian rupees)

 (Reporting by Varun Vyas in Bengaluru)
 ((varunvyas.hebbalalu@thomsonreuters.com))