Ceat skids 7%, hits 52-week low on Q3 loss; tyre stocks on slippery ground

The management said the company is witnessing muted demand in the replacement segment due to tepid consumer sentiment, higher fuel prices and a softer uptick in India's rural markets.

Shares of Ceat withnessed heavy selling pressure on Thursday morning, after the tyre maket reported a weak set of numbers for October-December quarter (Q3FY22).

The stock hit a 52-week low of Rs 1,051.30, down 7 per cent on reporting a consolidated net loss of Rs 20 crore for Q3FY22. The company had posted a net profit of Rs 132.3 crore in a year ago quarter. The stock of auto tyres & rubber products company fell below its previous 52-week low of Rs 1,067.25, hit on December 24, 2021.

As a cascading effect, other tyre-related stocks also came under