Shares of Surya Roshni Ltd dropped as much as 10% on Monday, November 18, extending losses for the sixth consecutive day. The stock has been on a downward trajectory since November 8 losing 17.6% in the past six sessions.

The sustained sell-off has pushed the stock below its key moving averages, signaling bearish sentiment among investors.

The stock opened at ₹590 apiece on the BSE on Monday, marking a 3.55% decline from the previous close of ₹590 apiece. The slide in the stock price continued as the stock plunged to an intraday low of ₹550.65, a slump of 9.98% from the previous close.

Currently, the stock is trading over 30% lower from its 52-week high of ₹841.5 on the BSE.

Analysts believe that the recent decline may be driven by the company’s lackluster performance in the September quarter and broader market volatility.

The company’s market capitalization has slumped to just over ₹6,000 crore following the decline.

On November 14, Surya Roshni announced plans to issue bonus shares to its shareholders. As part of the bonus issue, shareholders will receive one additional share for every share held as of the record date, which is yet to be finalised.

The company also declared a dividend of ₹2.5 per share, with the record date set for November 29, 2024.

For the September quarter, Surya Roshni Ltd. reported a significant decline in its financial performance. The company’s revenue dropped by 20% year-on-year, while its Earnings Before Interest, Tax, Depreciation, and Amortisation (EBITDA) fell by 40%. Net profit also took a sharp hit, plunging by 55% compared to the same period last year.

The company attributed this underwhelming performance to a sharp decline in HR Steel prices, which adversely impacted its earnings.

Shares of Surya Roshni were trading 9.06% lower at ₹556.35 apiece on the BSE at around 11:15 am.

https://www.cnbctv18.com/market/surya-roshni-share-price-q2-results-bonus-issue-dividend-stock-record-date-returns-19509738.htm