Shares of Kirloskar Oil Engines fell to 2 week lows

Shares of Kirloskar Oil Engines Ltd. fell to 2-week lows after the company reported a drop in both quarterly sales and profit.

Kirloskar Oil said its first quarter net profit fell 24 percent to 35.9 crore rupees from 47.3 crore rupees in the same period a year ago. Sales during April-June quarter dropped 9 percent to 581.5 crore rupees ver 639.1 crores, the company said in a statement to the exchanges.

As a consequence, Kirloskar Oil fell 8.95 rupees, or 2.9 percent, to 296.35 rupees on the National Stock Exchange, where 20,700 shares were traded compared with the 5-day average of 33,200 shares.

Kirloskar Oil's market capitalisation has gained 17.4 percent to 4,482 crore rupees over the past one year.

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