Mumbai: Shares of Titan Co. Ltd fell on Friday, a day after the company reported lower-than-expected March quarter results.

Intra-day, the shares fell as much as 9.5%, the sharpest decline since 16 August 2013. This is the fourth consecutive session of losses for the stock.

Titan’s revenue for the March quarter declined 11% over the same period last year to 2,496 crore, while net profit improved 4% to 215 crore, primarily helped by decline in tax outgo.

A Bloomberg poll of analysts had pegged Titan’s revenue at 3,034.20 crore and net profit at 229.80 crore.

Credit Suisse has downgraded the stock to “neutral" from “outperform", and also cut its target price by 9.3% to 390, Bloomberg reported.

The stock touched a low of 335, its lowest level since 4 August 2014. The stock has corrected 10.53% so far this year.

Shares of the company closed at 353.60 on BSE, down 4.45% from the previous close, while India’s benchmark Sensex rose 1.90% to 27,105.39 points.

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