Titan shares tank over 7%; mcap erodes by Rs 22,527.56 cr

New Delhi: Shares of Titan Company tanked over 7 per cent on Monday, wiping out Rs 22,527.56 crore from its market valuation, as the company's March quarter earnings failed to cheer investors.

The stock declined 7.18 per cent to settle at Rs 3,281.65 apiece on the BSE. During the day, it tumbled 7.87 per cent to Rs 3,257.05.

On the NSE, it tanked 7 per cent to Rs 3,284 per piece.

The stock emerged as the biggest laggard on both the BSE Sensex and NSE Nifty.

The company's market capitalisation (mcap) got eroded by Rs 22,527.56 crore to Rs 2,91,340.35 crore.

Titan Company on Friday reported a 5 per cent increase in consolidated profit after tax to Rs 771 crore for the March quarter.

The company posted a profit after tax (PAT) of Rs 736 crore in the year-ago period.

Total income rose to Rs 11,472 crore during the period under review from Rs 9,419 crore in the fourth quarter of the 2022-23 fiscal.

For the year ended March 31, 2024, the company posted a consolidated PAT of Rs 3,496 crore as compared with Rs 3,274 crore in FY23.

Total income for FY24 stood at Rs 47,501 crore over Rs 38,675 crore in the 2022-23 fiscal.

"Titan's Q4 PAT missed estimates by 10-12 per cent, due to 70-100 bps jewelry margin miss and higher subsidiary loss," as per a report by Emkay Research.