MRF shares down nearly 4% as Q1 net plunges 78%

Shares of tyre major MRF on Friday fell by 4 per cent after the company reported a 78.30 per cent plunge in standalone net profit for the quarter ended June 30.

The scrip declined by 4.02 per cent to settle at Rs 66,395.10 on the BSE. Intra-day, the stock dived 5.48 per cent to Rs 65,378.90.

On the NSE, shares of the company slipped 4 per cent to close at Rs 66,361.15 apiece.

The company has reported a 78.30 per cent dip in its standalone net profit at Rs 106.53 crore for the June quarter, hit by higher expenses.

It had posted a net profit of Rs 490.93 crore during the same period of the previous fiscal, MRF said in a BSE filing.

Total income during the quarter under review stood at Rs 4,060.93 crore as against Rs 3,955.93 crore in the year-ago period, up 2.65 per cent.