Ramco Systems tanks 13% after reporting loss in Q1

New Delhi: Shares of Ramco Systems plunged as much as 13 per cent in early trade on Thursday after the company posted a poor set of numbers in the June 2021 quarter.

The IT solutions provider reported a net loss of Rs 6.15 crore in the quarter ended on June 30, 2021, the company said in a regulatory filing. It had reported a net profit of Rs 8.77 crore in the year ago quarter.

Shares of Ramco Systems tanked over 13 per cent to Rs 538.20 on Thursday. However, it was trading at Rs 556.05 at 9.50 am. BSE Sensex was trading 197.26 points, or 0.38 per cent, higher at 52,640.97 at the same time. The scrip settled at Rs 621.75 on Wednesday.

The company reported a decline of 9 per cent in sales to Rs 68.90 crore in the quarter ended June 2021 as against sales of Rs 75.71 crore during the same quarter previous year.

However, veteran investor Vijay Kedia purchased more than 58,000 shares of the company during the June quarter. His holding in the company is worth Rs 34.5 crore.

As of June 30, he held 5,56,034 equity shares, or 1.81 per cent, stake in the company, which was 4,98,014 equity shares, or 1.62 per cent, at the end of March 2021 quarter.