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MRF shares tank 6.5% post Q2 results

 

MRF shares tank 6.5% post Q2 results

  Shares of tyre manufacturer MRF on Thursday plunged 6.5% after the company reported a 14.36% decline in its second quarter net profit.

 

The stock tumbled 6.35% to settle at Rs 46,455 on BSE. Intra-day, it tanked 6.86% to Rs 46,202.

On NSE, shares of the company declined by 6.51% to close at Rs 46,403.60.

The stock plunge resulted in a fall of company's market valuation by Rs 1,335.77 crore to Rs 19,702.23 crore.

MRF on Thursday reported a 14.36% decline in standalone net profit at Rs 385.29 crore for the second quarter ended September 30, 2016.

The company had posted a net profit of Rs 449.92 crore in the July-September quarter a year ago, MRF said in a BSE filing.

Total income from operation was down 1.04% to Rs 3,614.63 crore during the quarter under review as against Rs 3,652.78 crore of the corresponding quarter last fiscal.