Gold Silver Reports (GSR) – Grasim Industries Slumps Most In Two Years On Reporting Surprise Loss In Q2 – Shares of the Madhya Pradesh-based Aditya Birla Group company fell as much as 9.09 percent, the most in two years, to Rs 796.70 after it reported surprise loss in second quarter of current financial year after paying a one-time non-cash exceptional item worth Rs 2,003 crore.
Net loss stood at Rs 1,446 crore in the July-September period versus the company’s Rs 525 crore profit in the year-ago period, the Aditya Birla-group said in an exchange filing.
The exceptional loss is linked to the Vodafone-Idea merger, creating India’s largest telecommunications company. Vodafone Idea Ltd. ceased to be an associate of the company from Aug. 31, which led to Grasim excluding it as a part of its profit after tax.
