AP Paper Mills tanks 13% after disappointing results

Andhra Pradesh Paper Mills dropped as much as 12.6% on Monday after disappointing numbers in the first quarter of FY13.

Company posted a loss of Rs 15.81 crore in the quarter ended June 2012 as against profit of Rs 15.72 crore in the previous quarter and Rs 16.31 crore in a year ago period. Net sales declined 37.8% quarter-on-quarter and 5.8% year-on-year to Rs 187.75 crore in the June quarter. At 13:36 hours IST, the share was trading at Rs 298.50, down Rs 21.80, or 6.81% with volumes of 2,92,157 equity shares. Market capitalisation of the company currently stands at Rs 1,187.14 crore.