 "Ceat tyres")
Shares of Ceat tanked 8% on the BSE after the tyre maker reported a 98.6% decline in its consolidated net profit at Rs 1.38 crore for the June quarter due to destocking by trade partners ahead of the GST rollout and higher expenses.
The company had posted a net profit of Rs 103.26 crore during the corresponding period of the previous fiscal, Ceat said in a BSE filing.
The stock dipped to Rs 1,749 in intraday trade, but was still over 100% up against its 52-week low of Rs 835, which it hit on August 23, 2016.
The company's total
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