The shares of tyre companies have plunged up to 8% each after MRF reported decline in net profit for the quarter ended March 2014.
MRF, Apollo Tyres, Ceat, JK Tyre and Industries and Goodyear India are down 2-8% each on the Bombay Stock Exchange (BSE).
The Chennai-based tyre major MRF has posted 18.9% year-on-year (yoy) decline in net profit at Rs 171 crore for the quarter ended March 2014, due to higher expenditure and finance costs. The company had reported profit of Rs 211 crore in the same quarter last year.
The company's total operational income grew by 13.5% at Rs 3,299 crore during the quarter under review, while total expenditure rose 17% to Rs 2,993 crore on a y-o-y basis.
Among individual stocks, MRF has tanked nearly 8% to Rs 21,695 on the BSE. JK Tyre and Industries has plunged 8% to Rs 201, followed by Apollo Tyres (6% at Rs 167), Ceat (4.5% at Rs 387) and Goodyear India (2% at Rs 425).
MRF, Apollo Tyres, Ceat, JK Tyre and Industries and Goodyear India are down 2-8% each on the Bombay Stock Exchange (BSE).
The Chennai-based tyre major MRF has posted 18.9% year-on-year (yoy) decline in net profit at Rs 171 crore for the quarter ended March 2014, due to higher expenditure and finance costs. The company had reported profit of Rs 211 crore in the same quarter last year.
The company's total operational income grew by 13.5% at Rs 3,299 crore during the quarter under review, while total expenditure rose 17% to Rs 2,993 crore on a y-o-y basis.
Among individual stocks, MRF has tanked nearly 8% to Rs 21,695 on the BSE. JK Tyre and Industries has plunged 8% to Rs 201, followed by Apollo Tyres (6% at Rs 167), Ceat (4.5% at Rs 387) and Goodyear India (2% at Rs 425).
