Ceat plunges 10%, hits 9-month low post September quarter results

While the steep increase in input costs continued to put pressure on margins, there was a slight increase in debt levels as well, largely on account of higher capex and higher inventory, Ceat said.

Shares of Ceat slipped 10 per cent to Rs 1,165, hitting a nine-month low on the BSE in Tuesday’s intraday trade after the firm reported 77 per cent year-on-year (YoY) decline in consolidated net profit at Rs 42 crore in Q2FY22, due to the higher depreciation and interest cost. The auto tyres and rubber products maker had posted a profit of Rs 182 crore in a year ago quarter.

On the National Stock Exchange (NSE), the stock dropped 8 per cent to Rs 1,191 in intra-day trade. The stock of RPG group was trading at its lowest level since