JK Tyre slips after Edgefield Securities pares stake

JK Tyre & Industries fell 4.3% to Rs 73.40 after Edgefield Securities sold stake in the company via bulk deal on Thursday (17 December 2020).

On Thursday (17 December 2020), Edgefield Securities sold 14,33,759 equity shares (representing 0.58% stake) of JK Tyre via bulk deal on the NSE at average price of Rs 76.52.

On Wednesday (16 December), Edgefield Securities sold 14,65,821 equity shares (representing 0.59% stake) of JK Tyre via bulk deal on the NSE at average price of Rs 77.76.

As of 30 September 2020, Edgefield Securities holds 4.24% stake in JK Tyre & Industries.

Shares of JK Tyre have lost 11.14% in five trading days from its previous closing high of Rs 82.60 posted on 11 December 2020.

 

JK Tyre & Industries manufactures a wide range of automobile tires, tubes and flaps. The company also operates a chain of tire outlets across the country which sell the company's tires in addition to providing a range of automotive services, including wheel alignment and tire changing.

JK Tyre's consolidated net profit dropped 35.4% to Rs 108.91 crore on 5.6% increase in net sales to Rs 2,274.84 crore in Q2 September 2020 over Q2 September 2019.

Powered by Capital Market - Live News