India's top companies such as Mukesh Ambani's Reliance Industries and Tata Group's Tata Motors often make headlines due to their businesses. These days, shares of such companies are falling amid a bear market. But on Thursday, the company which grabbed everyone's attention was Hindustan Unilever Ltd (HUL). It was because the shares of the FMCG major tumbled nearly 6 per cent after the firm reported a 2.33 per cent decline in consolidated net profit for the second quarter ended in September.
The HUL stock emerged as the biggest laggard among the Sensex and Nifty firms. The company's market valuation eroded by Rs 36,430.41 crore to Rs 5,88,090.94 crore in just 6.15 hours from 9.15 am to 3.30 pm (market timing).
The stock tanked 5.83 per cent to settle at Rs 2,502.95 apiece on the BSE. During the day, it dropped 7.70 per cent to Rs 2,453.10. On the NSE, it plunged 5.81 per cent to Rs 2,504.75 a share. The stock market continues to be in a lower position for the fourth straight day due to selling in FMCG. HUL owns power brands such as Surf, Rin, Lux, Pond's, Lifebuoy, Lakmé, Brooke Bond, Lipton and Horlicks.
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Hindustan Unilever Ltd on Wednesday reported a 2.33 per cent decline in consolidated net profit at Rs 2,595 crore for the second quarter ended in September 2024, impacted by moderation in demand from the urban market. The company had logged a net profit of Rs 2,657 crore in the July-September quarter a year ago, HUL said in a regulatory filing. However, revenue from product sales was up 2.36 per cent at Rs 15,703 crore in the September quarter, from Rs 15,340 crore in the year-ago period.
(With inputs from PTI)
