Shares of SRF Ltd fell on lower Q1 profit. The stock plunged as much as 7.9 per cent to its lowest in over eight months.

The company's June-quarter consolidated profit was down about 33 per cent at Rs 104 crore ($16.31 million), hurt by higher expenses

Q1 results were subdued due to headwinds in the form of sharp rupee appreciation against the dollar and transitional issues related to GST, SRF Managing Director Ashish Bharat Ram said in a statement.

“We expect margins and sales to remain under pressure in FY18,” Ambit Capital Pvt Ltd analysts wrote in a note.