India's JK Tyre falls to 2-month low after tax notices

JK Tyre & Industries

18/03/2024 06:38

** Shares of JK Tyre & Industries  JKIN.NS  are down ~5% at
417 rupees, hitting their lowest level since Jan. 18, 2024
    ** The tyre manufacturer said it received tax notice of 87.8
mln rupees ($1.1 million) 
    ** Separately, co's unit received tax notice of 50.3 mln
rupees 
    ** In 2024, stock has marginally outperformed peers 
    ** JKIN up ~5% YTD, vs a ~2 rise in both Ceat  CEAT.NS  and
Apollo Tyres  APLO.NS  


($1 = 82.9080 Indian rupees)

 (Reporting by Nishit Navin)
 ((nishit.navin@thomsonreuters.com;))