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Voltas Ltd. shares slid almost 8% on Monday after the Indian air-conditioner maker reported a 58% year-on-year decline in first-quarter profit, hurt by tepid demand for cooling products during a milder summer. The sell-off wiped out about one-twelfth of the company’s market value and sent the stock to its lowest level in a month. The disappointing earnings also weighed on peers, with Amber Enterprises India Ltd.—another maker of room air-conditioners—dropping about 7%. The broader BSE Consumer Durables Index fell roughly 1.5% in morning trade. Voltas said revenue growth was insufficient to offset higher input costs and promotional spending, compressing margins in its core cooling products segment. Analysts are reassessing full-year forecasts and caution that a sustained recovery will depend on stronger festive-season sales and relief from elevated commodity prices.
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