HDFC Mutual Fund reduced its aggregate holding in Balkrishna Industries to 5.99% from 8.06% earlier.
The fund house sold 2.07% stake in the auto parts maker in the open market on 17 February 2020.
The tyre maker's consolidated net profit rose 48.2% to Rs 223.80 crore despite 3.5% fall in net sales to Rs 1155.76 crore in Q3 December 2019 over Q3 December 2018. Profit before tax (PBT) stood at Rs 278.27 crore in Q3 FY20, up by 25.1% from Rs 222.43 crore in Q3 FY19.
Balkrishna Industries is a tire manufacturing company. The company manufactures off-highway tires used in specialist segments like mining, earthmoving, agriculture and gardening.
Shares of Balkrishna Industries were up 2.05% at Rs 1263.60. It fell as much as 0.73% at the day's low of Rs 1229.15 in morning trade.
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