Motherson Sumi hits brakes

Motherson Sumi has been going down for the past three days, falling over 11% in these days. Today, it opened with a 4% loss at Rs.105 and went down to an intraday low at Rs.101.80, a decline of almost 7%.

The stock fell after ratings agency Standard & Poor's (S&P), revised its outlook to negative on the company's material subsidiary, Samvardhana Motherson Automotive Systems Group B.V.

It, though, kept the long term rating intact at BB+.

The company had ended Q3FY20 with a 39% (YoY) slump in consolidated net profit at Rs.340 crore, on a 5% fall in revenue at Rs.15,739 crore.