Stocks

JK Tyre hits near 5-year low after Q1 profit skids

Reuters Bengaluru | Updated on August 02, 2019 Published on August 02, 2019

The shares of JK Tyre and Industries on Friday fell as much as 14.4 percent to ₹60.95, lowest since September 2014.

The tyre manufacturer's March-quarter consolidated profit plunged 74 percent, hurt by a 10 percent jump in its expenses. “Profitability during the quarter has been impacted due to overall slow-down in automotive sector”, said Raghupati Singhania, chairman and managing director.

In comparison, rival Apollo Tyres reported 44 percent fall in June-quarter profit.

The stock posted its biggest daily percentage loss since November 2016. Up to the last close, shares were down 31.3 percent this year.

Published on August 02, 2019
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