Bajaj Auto shares dip nearly 3% post Q4 earnings
At the top of its expected price range of $34 to $38 per share, the offering could reap a $16 billion windfall for Facebook and its selling shareholders.
Shares of Bajaj Auto slipped nearly 3 per cent in the stock market today, after the company's net profit declined 44.85 per cent for the fourth quarter ended March 31, 2012.
Following the disappointing set of numbers, shares of the two-wheeler major fell by 2.61 per cent to Rs 1,574.35 on the BSE.
Despite a positive opening, the stock pared all gains as soon as the results were announced and lost 4 per cent to Rs 1,551.25 during the day.
On the National Stock Exchange, the scrip declined 2.74 per cent to settle at Rs 1,570.10.
Market analysts said that Bajaj Auto counter saw profit booking after it announced the quarterly results.
In terms of volume 3.02 lakh shares of the company changed hands on the BSE, while more than 13 lakh shares were traded on the NSE.
Earlier in the day, Bajaj Auto said its net profit declined 44.85 per cent at Rs 772 crore for the fourth quarter ended March 31, 2012.
The company had posted net profit of Rs 1,400 crore in the same quarter a year ago.
Meanwhile, in the broader market, the BSE benchmark Sensex settled at 16,070.48, up 40.39 points.