Shares of tyre maker Ceat Ltd today plunged nearly 9 per cent after the company reported a 98.6 per cent decline in consolidated net profit for the June quarter.
The stock slumped 8.84 per cent to settle at Rs 1,734.10 on BSE. Intra-day, it tumbled 9.58 per cent to Rs 1,719.95.
At NSE, shares of the company tanked 8.57 per cent to close at Rs 1,740.35.
The company's market valuation slipped Rs 680.55 crore to Rs 7,014.45 crore.
In terms of equity volume, 2.64 lakh shares of the company were traded on BSE and over 27 lakh shares changed hands at NSE during the day.
Ceat Ltd yesterday reported a 98.6 per cent 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.
Total expenses during the quarter under review stood at Rs 1,636.13 crore as against Rs 1,516.23 in the year ago period.
Total income during the period also declined to Rs 1,638.95 crore, compared to Rs 1,651.83 crore in the corresponding quarter of last fiscal.
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