Balkrishna Ind falls 8% after board approves capex plan of Rs 17 billion

The stock dipped 8% to Rs 1,261 after the company's board approved capex plan of Rs 17 billion in US and India, which funded via a mix of debt and internal accruals.

Balkrishna Industries dipped 8% to Rs 1,261 on the BSE in early morning trade after the company said its board approved capital expenditure (capex) plan of Rs 17 billion in US and India. The entire capex would be funded via a mix of debt and internal accruals.

The stock was trading lower for the third straight trading sessions, down 14% from its all-time high of Rs 1,467 recorded on Wednesday, August 29, 2018, in intra-day trade. It had outperformed the market in past one month by surging 20% as compared to 3.7% rise in the S&P BSE Sensex till