Crompton trips on bleak outlook
Aircraft purchase, insider trading charges add to panic selling.
Crompton Greaves was again in the eye of a storm today, forcing the management to go into a damage control mode. While the disappointing first quarter results announced yesterday were the biggest trigger, weak management guidance today was a further dampener. Investors and analysts also questioned an expensive aircraft acquisition in the March quarter and possible insider trading.
The result was predictable. The Crompton stock crashed another 15 per cent to Rs 177 on the Bombay Stock Exchange (BSE), after a similar drubbing yesterday. This on a day the capital goods index was down just 1.45 per cent and the Sensex fell 152 points, or 0.81 per cent. For more visit: Business Standard
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