CEAT Shares Slide 7% on Q1 Profit Collapse

CEAT shares fell over 7% after the tyre maker reported a 96.4% year-on-year drop in June-quarter net profit to Rs 4 crore, as higher raw material costs severely squeezed margins. Despite a 22% rise in revenue and a Rs 1,205 crore capacity expansion plan, investors remained concerned over weakening profitability.