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Tyre stocks under pressure; Apollo Tyres down over 10%

JK Tyres, MRF, Ceat ,and Goodyear India were down 4%-6% on the BSE.

Shares of tyre makers such as JK Tyre & Industries, MRF, Ceat, Goodyear India and Apollo Tyres have fallen by up to 11% after after China's central bank moved to devalue its tightly controlled currency, stoking fears of Chinese exports becoming cheaper. A devalued currency will make Chinese goods cheaper overseas. Dumping of cheaper tyres by China will hurt the Indian tyre industry. Among the individual stocks, Apollo Tyres has dipped 11% to Rs 186 on the BSE, after the company reported a consolidated net profit of Rs 291 crore, in line with the analyst estimates, for the ...