JK Tyre shares slump 7% post Q1 earnings

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Shares of JK Tyre & Industries today slumped 7 percent after the company reported a consolidated net profit of Rs 100.26 crore for the first quarter ended June 30.

After a weak opening, shares of the company further went down 6.56 percent to Rs 98.20 on BSE.

At NSE, it tanked 7 percent to Rs 98.10.

The company had posted a consolidated net profit of Rs 117.07 crore in the same period last fiscal, JK Tyre & Industries had said in a BSE filing yesterday.

Net sales during the period under review stood at Rs 1,703.86 crore. It was Rs 1,749.11 crore in the year-ago period.

Since the financial results also include that of Cavendish Industries Ltd, which the company had acquired in middle of April, the figures are not comparable, it added.