ITC shares fall over 5% as revenue misses f'cast

Last Updated: Thu, Jul 25, 2013 09:21 hrs

Shares of India's largest cigarette maker ITC Ltd fell as much as 5.3 percent on Thursday after its sales rose 10 percent during the quarter ended June 30, lagging forecasts.

The company posted net sales of 73.4 billion rupees ($1.24 billion) in the first quarter of the current fiscal year beginning April from 66.5 billion rupees in the same period a year ago.

Analysts had expected sales of 78.7 billion rupees, according to Thomson Reuters I/B/E/S.

Earlier in the day the company posted a 18 percent jump in net profit to 18.9 billion rupees.

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