Meanwhile, the S&P BSE Sensex was down 330.75 points, or 0.89% to 36,640.34

On the BSE, 4.19 lakh shares were traded in the counter so far compared with average daily volumes of 2.45 lakh shares in the past two weeks. The stock had hit a high of Rs 706 and a low of Rs 680.50 so far during the day.

Mahindra & Mahindra (M&M) combined profit from ordinary activities after tax (after EI) rose 7% to Rs 1396 crore in Q3 December 2018 over Q3 December 2018. Combined revenues and other income rose 14% to Rs 13235 crore. Combined operating profit margin (OPM) was reported at 13.2% in Q3 December 2018, lower than 14.7% in Q3 December 2017.

The results for M&M include the combined results of Mahindra and Mahindra (M&M) and Mahindra Vehicle Manufacturers (MVML), which is a manufacturing unit of M&M.

In its outlook M&M said that growth in government final consumption expenditure, buoyed by higher government spending has been supportive and remains the key driver of growth. The interim budget has announced PM-KISAN- an income support scheme for farmers owning up to 2 hectares - about 120 million households - who would receive income support worth about Rs 6000 a year. This should buoy farmer incomes and support rural consumption. Improving credit growth and liquidity conditions should also help give a fillip to growth.

Escalation of trade tensions beyond those already anticipated and tightening of financial conditions are a key source of risk to the outlook. M&M said that potential triggers including a no-deal Brexit and a greater-than envisaged slowdown in China should also be watched.

M&M enjoys a leadership position in utility vehicles, and is the world's largest tractor company, by volume.