Shares of tyre maker Ceat today fell by 3.5 percent after the company reported 17.38 percent dip in consolidated net profit for the first quarter ended June 30.
The scrip lost 3.53 percent to Rs 852.50 on BSE.
At NSE, shares of the company went down by 3.42 percent to Rs 851.60.
Ceat yesterday reported 17.38 percent decline in consolidated net profit to Rs 93.07 crore.
The company had reported a net profit of Rs 112.65 crore during the same period of the previous fiscal.
Net sales of the company however rose to Rs 1,460.92 crore for April-June as against Rs 1,404.15 crore during the same period of 2015-16, Ceat Ltd had said in a BSE filing.
"Margins have declined largely due to higher investment in the brand and some price drops that were passed on to the consumers," Ceat Ltd Managing Director Anant Goenka said.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
