Shares of JK Tyre & Industries slumped over 14 percent to a 52-week low of Rs 60 in early trading on Friday after the tyre maker reported a 76.7 percent slump in its consolidated net profit for the first quarter ended June 30.

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At 09:42AM, the stock was trading down 8.6 percent at Rs 65.20 on the Bombay Stock Exchange.

The company's revenue from operations rose 5.6 percent YoY at Rs 2,575.39 crore.

JK Tyre saw a rise in expenses due to the purchase of stock-in-trade, inventories of finished goods, finance costs and depreciation.

Commenting on the results, Dr Raghupati Singhania, Chairman and MD of the company, said, "It was a difficult quarter for auto industry, which is passing through challenging times. Most of the OEMs have reported heavy reduction in their sales volumes."

Singhania said the company expects the economy to improve from the second half of the year, when the volumes are expected to pick up resulting in improvement in profitability."

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First Published:Aug 2, 2019 9:47 AM IST