New Delhi, Oct 26 (PTI) Shares of tyre maker Ceat Ltd on Tuesday bounced back after an early fall and settled flat.

During the early trade, the stock tumbled nearly 10 per cent after the company reported a 77 per cent decline in consolidated net profit for the second quarter ended September.

Also Read | How To Log In To Your WhatsApp on PC/Laptop.

The stock tanked 9.92 per cent to Rs 1,165 during the early trade on BSE. It staged a comeback later to close 0.14 per cent higher at Rs 1,295.25.

On NSE, it tumbled 7.94 per cent to Rs 1,191 during the early trade. The stock closed 0.13 per cent higher at Rs 1,295.50.

Also Read | Moto G200 Specifications Reportedly Emerge Online, Likely To Come With 108MP Camera & Snapdragon 888 SoC.

Tyre maker Ceat Ltd on Monday reported a 77 per cent decline in consolidated net profit at Rs 42.28 crore for the second quarter ended September 30, impacted by higher input costs.

The company, which posted a consolidated net profit of Rs 182.18 crore in the same quarter last fiscal, also said its board at a meeting held on Monday approved raising of up to Rs 500 crore through issuance of debt securities on a private placement basis.

Consolidated revenue from operations during the quarter under review stood at Rs 2,451.76 crore, as against Rs 1,978.47 crore in the year-ago period, Ceat Ltd said in a regulatory filing.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)