 "New acquisition sets the wheel in motion for JK Tyre")
Shares of JK Tyre & Industries were trading near 5-year low of Rs 60 apiece, down 16 per cent in early morning deals, on the BSE on Friday, after the company reported a sharp 75 per cent drop in consolidated net profit at Rs 16 crore in the June quarter (Q1FY20) due to weak operational performance.
The tyres manufacturing company's profitability was hit due to overall slow-down in automotive sector, the management said. It had posted a profit of Rs 64 crore in the year-ago quarter.
The stock was trading at its lowest level since September 4, 2014, when it had
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