Stock Crash: Three stocks that are down up to 13% in a strong market after Q2 results

Three stocks, Avantel, UTI AMC, and Tejas Networks fell up to 13% on Monday, October 20, in response to their quarterly results, that were reported after market hours on Friday and over the weekend.

Here's a look at how these companies fared:

Avantel

Shares of Avantel are down over 13% on Monday after it reported a 30% decline in its overall consolidated sales for the September quarter compared to the same quarter last year.

The company's Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) declined by 63% from last year, while margins more than halved to 23.7% from 45.7% last year.

The stock is currently the top loser on the BSE Smallcap index.

UTI AMC

The stock is currently witnessing its biggest single-day fall since its listing back in 2020, in response to its results.

The company's revenue declined by 23.5% from the previous quarter, which was broadly in-line with expectations. Employee costs rose due to one-off items, which impacted the company's margins.

UTI AMC also reported a market share loss across all key segments.

The stock is down 10% but has gained over 100% from its IPO price of ₹554.

Tejas Networks

The Tata Group company reported its third straight quarterly loss, leading to a drag on the stock.

The net loss of ₹307 crore was primarily due to lower revenue and provisions due to manufacturing process losses, warranty and inventory obsolescence.

There was also a delay in the receipt of 4G add on purchase order of ₹1,526 crore for the shipment of 18,000 sites.

The stock currently trades with losses of over 8.5% at ₹539.85.