Shares of Monte Carlo Fashion fell to 7 week lows. Know why

Shares of Monte Carlo Fashions, a maker of premium end clothing, fell to 7-week lows after the company reported a sharp fall in quarterly earnings on the back of a sales slowdown.

Monte Carlo said its first quarter Net Profit fell 83 percent to 1.48 crore rupees compared with 8.43 crore rupees in the same quarter a year ago. Sales during April-June dropped 6 percent to 68 crore rupees from 73.1 crore rupees in the year ago period.

Monte Carlo fell 49 rupees, or 8.8 percent, to 510.25 rupees, its lowest since late-June, on the National Stock Exchange, where 1.33 lakh shares were traded by 1:15 pm compared with the 5-day average of 20,500 shares.

Monte Carlo 's market capitalisation has been flat at 1,113 crore rupees for the past year.

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