Navin Fluorine Shares Falls 15% to 52-Week Low; Here’s Why

In early trading, the share price of Navin Fluorine plummeted nearly 15%, reaching its lowest point in 52 weeks, a day after the company announced the resignation of its Managing Director (MD). Navin Fluorine International’s share price opened at ₹4,030, compared to the previous day’s closing price of ₹4,361.75, and experienced a significant decline of 14.51% to reach a one-year low of ₹3,729.

In a BSE filing made after market hours on Thursday (September 28), the company revealed that Radhesh R. Welling had resigned from his position as Managing Director and as a director on the company’s board due to personal reasons.

Simultaneously, the company disclosed that its board had approved the appointment of Sudhir R. Deo as an additional director of the company, effective from September 28, 2023, following the recommendation of the nomination and remuneration committee.

Over the past year, Navin Fluorine’s share price has demonstrated poor performance, falling by 16%, while the equity benchmark Sensex has risen by 16% during the same period.

According to BSE data, the stock’s current price-to-earnings ratio (PE) is approximately 73, significantly higher than the stock’s trailing 12-month PE ratio of 51.4. Furthermore, the stock’s current price-to-book ratio (PB) stands at 10.10, a significant increase compared to the median PB of 2.69.

In the June quarter of the previous financial year, the company reported a 17.4% year-on-year decrease in its consolidated net profit, which amounted to ₹61.53 crore compared to ₹74.45 crore in the corresponding quarter of the previous year.

During the quarter, the company’s revenue from operations reached ₹491.15 crore, marking a 23.6% increase compared to the revenue of ₹397.52 crore recorded in the same quarter of the previous year.

Meanwhile, the equity benchmarks displayed gains on Friday, with the Nifty 50 rising by approximately half a percent in early trading. Most sectoral indices registered gains, with the exception of Nifty IT, which experienced a decline of over one percent in early trading.

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