China market worries puncture tyre stocks

Shares of tyre manufacturers are bleeding as China's devaluation of yuan will make Chinese tyres cheaper. Already, Indian tyre manufacturers bore the brunt of heavy dumping of Chinese tyre in the country in 2015. Currently, shares of 9 companies engaged in tyre business are trading lower on BSE.

The haywire in Chinese stock market dragged other Asian stock markets in negative territory. JK Tyre Industries is currently trading 2.76% lower at Rs. 112.60 on BSE. The scrip opened lower at Rs. 115.45 as against its previous close of Rs. 115.80. It hit a high and a low of Rs. 117.90 and Rs. 112.15 respectively. So far, total 3.87 lk shares have changed hands on BSE.

Shares of Apollo Tyres are currently trading 2.55% lower at Rs. 155.05 on BSE. The scrip opened flat at Rs. 159.10 as against its previous close of Rs. 159.10. It hit a high and a low of Rs. 162 and Rs. 152.80 respectively. So far, total 1.48 lk shares have changed hands on BSE.

Goodyear India is currently trading 1.08% lower at Rs. 570 on BSE. The scrip opened flat at Rs. 576.25 as against its previous close of Rs. 576.25. It hit a high and a low of Rs. 577.50 and Rs. 569 respectively. So far, total 7,807 shares have changed hands on BSE.

Shares of TVS Srichakra are currently trading 1.38% ;ower at Rs. 2,839.35 on BSE. The scrip opened lower at Rs. 2,847.85 as against its previous close of Rs. 2,879.75. It hit a high and a low of Rs. 2,899 and Rs. 2,811.55 respectively. So far, total 1,427 shares have changed hands on BSE.

Among other notable losers, Ceat Ltd is currently trading at 1,062 (down 0.9%), MRF Ltd at Rs. 40,360 (down 0.46%), PTL Enterprises at Rs. 95 (down 1.50%) and Modi Rubber at Rs. 58.20 (down 4.82%).