Voltas & Titan crack 15 % in the last five sessions

Both the Tata Group companies, Voltas and Titan have cracked more than 15 per cent in the last five trading sessions, courtesy poor quarterly earnings and also being negatively affected by demonetisation move by the current dispensation.

Titan has missed both top-line and bottom-line way below analyst expectations as company saw de-growth in watch and muted growth in jewellery segment.

On the other hand, Voltas has posted a weak set of earnings for the quarter ending September 30. Poor Q2 results led to major downgrades in the analyst estimates which subsequently led to revision of future price targets.

Demonetisation is also a big factor when it came to both Voltas and Titan being impacted by the government move as most of the sales of the products offered by the company take place via cash.

It is widely expected that going forward both the companies would be losers as part of the currency demonetisation drive.

Reacting to these developments stocks of both the companies have tanked more than 15 per cent on heavy volumes in the past five trading sessions. Voltas and Titan were trading at Rs 293.70 and Rs 300.95 on NSE.