Shares of Kwality Ltd Friday slumped by over 4 per cent after the company reported a steep fall in its net profit for the June quarter.
Shares of Kwality fell by 4.43 per cent and settled at Rs 20.5 on the BSE. During the intra-day trade, it touched a high of Rs 22.20 and low of Rs 20.40
On the NSE, shares of Kwality shed 4.45 per cent and closed at Rs 20.40.
Its net profit saw a steep fall to Rs 1.04 crore during the first quarter of 2018-19 fiscal on poor sales, the company said in a regulatory filing.
Net profit during April-June 2017-18 stood at Rs 27.87 crore and the net income declined to Rs 1,265.78 crore from Rs 1,573.18 crore in the year-ago period, Kwality said.
"This started when the company could not service its customers with the required goods due to liquidity crunch, a situation that emerged primarily towards the end of the quarter triggered due to non-disbursement of sanctioned working capital from banking partners," it said
It is currently facing an issue of receivables management, the company further said.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)