(MENAFN- Trend News Agency ) Baku, Azerbaijan, Sep. 8
By Farhad Daneshvar – Trend:
Traders at the Tehran Stock Exchange (TSE) saw a drop of 7.2 percent in automotive sector over the last Iranian week ending September 8.
Market observers suggest that the sharp slump in the auto stocks, Iran's largest non-oil subsector of economy, came following the resumption of market trading in SAIPA Group, a leading Iranian car producer.
SAIPA Group resumed its market trading after almost three months as its ticker came off the trading board.
The market regulator had earlier requested to review the company's financial statements for its subsidiary companies.
Following the revision, the company had to change a net profit of $79 million to a net loss of $ 87 million in its consolidated reports for the financial year ending March 2017 after the regulator discovered losses which had not been accurately reported. Over the past week automotive sector ranked as the weakest sector of the TSE.
Over the first five months of the current fiscal year (starting March 20) SAIPA manufactured 134,684 passenger cars, 21 percent up year on year.
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