Shares of tyre manufacturers have fallen on rising rubber prices.
Apollo Tyres Ltd fell 15 per cent, JK Tyre and Industries Ltd 4.1 per cent, MRF Ltd 2.5 per cent and Ceat Ltd 2.5 per cent.
Rubber prices jumped 5 per cent in the last one week on expectations of a hike in the import duty, traders said.
The Government may hike the import duty on rubber to 30 per cent from 20 per cent in the upcoming Budget, they said.
PTI adds: Shares of Apollo Tyres today slumped after the company reported a 45.49 per cent decline in consolidated net profit for the third quarter ended December 31. The stock fell sharply by 16.56 per cent to Rs. 178.05 on the BSE. On the NSE, it tumbled 16.89 per cent to Rs. 177.55.
Apollo Tyres had on Friday reported a 45.49 per cent decline in consolidated net profit at Rs. 184.24 crore for the third quarter ended December 31, hit by provisions made for the rescue plan of its South African unit.
The company had posted a net profit of Rs. 338.01 crore for the same period of the previous fiscal.
Net sales of the company declined to Rs. 3,091.55 crore for the third quarter, as against Rs. 3,475.12 crore during the same period of the previous fiscal, Apollo Tyres Ltd had said in a statement.
– The Hindu
