JK Tyre & Industries shares tank post Q1 results
At 9:42 am, shares of the company were trading at Rs 101.35 apiece, down 3.57 per cent from its previous close on BSE.
By ET Online | Updated:
Shares of JK Tyre & Industries, one of India's leading tyre manufacturers, slumped over 3 per cent in morning trade on Wednesday, a day after the company reported a consolidated net profit of Rs 100.26 crore for the quarter ended June 30, 2016.
It had posted a net profit of Rs 117.07 crore for the same period last financial year.
"Consolidated financial results published, as opted by the company, include working of Cavendish Industries, which it acquired on April 13, 2016 and which restarted operations in mid-May, 2016. Therefore, results for the quarter are not comparable with the previous period," the company said in a regulatory filing to the Bombay Stock Exchange ( BSE).
Shares of the company closed at Rs 102.20 apiece, down 2.90 per cent from its previous close on BSE.
It had posted a net profit of Rs 117.07 crore for the same period last financial year.
"Consolidated financial results published, as opted by the company, include working of Cavendish Industries, which it acquired on April 13, 2016 and which restarted operations in mid-May, 2016. Therefore, results for the quarter are not comparable with the previous period," the company said in a regulatory filing to the Bombay Stock Exchange ( BSE).
Shares of the company closed at Rs 102.20 apiece, down 2.90 per cent from its previous close on BSE.
Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
Bookmark or read stories offline -
Download ET Markets APP
Download ET Markets APP
ADVERTISEMENT
