JK Tyres shares plunged 7.4% to Rs 214 after the company today reported 36 per cent decline in net profit at Rs 44.96 crore for the fourth quarter ended March 31, 2014. The company had reported consolidated net profit of Rs 70.35 crore in the January-March quarter of 2012-13.
The company's total sales , however, grew to Rs 1,895.62 crore in the fourth quarter ended March 31, 2014 from Rs 1,704.87 crore in the year ago period.
"The decline in commercial vehicle production and a negative growth in passenger cars led to subdued demand for tyres," JK Tyres & Industries Ltd Chairman & Managing Director Raghupati Singhania said
Meanwhile, the company has recommended payment of dividend of Rs 5/- per Equity Share of Rs 10 each (50%) for the financial year ended March 31, 2014 as against Rs 3.50 per Equity Share (35%) in the previous financial year.
The stock opened at Rs 230, touched a high of Rs 230 and a low of Rs213 on the BSE. Over, 1,017,008 shares were traded on both the stock exchanges so far.
