MRF shares tank over 7 per cent on poor earnings

MUMBAI: Shares of tyre maker MRF today plunged over 7 per cent after the company reported 18.86 per cent decline in net profit for the second quarter ended March 31, 2014.

MRF's stock ended 7.14 per cent lower at Rs 21,879.50 on the BSE. During the day, the scrip lost 9.17 per cent to Rs 21,400.

At the NSE, the stock ended 3.26 per cent lower at Rs 22,800.

MRF today reported 18.86 per cent decline in net profit at Rs 170.87 crore for the second quarter ended March.

The Chennai-based tyre manufacturer had posted a net profit of Rs 210.61 crore for the same period of previous fiscal.

However, net sales of the company rose to Rs 3,297.40 crore for the second quarter as compared to Rs 2,904.77 crore in the same period of previous fiscal, MRF Ltd said in a filing to the BSE.

MRF Ltd follows September-October as its financial year.