C K Birla group company Hindustan Motors has reported 50 per cent erosion in peak net worth and accumulated losses of the company stood at Rs 132 crore (Rs 1.32 billion).
Chief financial officer of HM Yogesh Goenka told PTI that accumulated losses of the company had resulted in erosion of 50 per cent of peak net worth during the immediately preceding four financial years.
He said that the company was taking steps to protect further erosion, adding that it was not the intention of the company to refer it to BIFR. The current net worth is Rs 164 crore (Rs 1.64 billion).
Meanwhile, R Santhanam had stepped down as managing director of HM. Manoj Jha would be the new managing director of the company, the company said in a filing with the National Stock Exchange.
During the quarter ended March 31, 2010, HM's losses stood at Rs 50.52 crore (Rs 505.2 million). Sales of the company during the quarter stood at Rs 164.49 crore (Rs 1.645 billion) compared to Rs 129.41 crore (Rs 1.294 billion) in the same period previous fiscal.
