Harsh Goenka, Chairman of RPG Enterprises, recently posted a witty message on the social media platform X, formerly Twitter. In his post, Goenka quipped, “A reason to go ‘bear’ on tyre stocks,” accompanied by a playful video of two bears frolicking on a tyre swing.
While his post drew chuckles online, it also hinted at the real-time decline in tyre stocks on the stock market on Friday (October 4).
His post hinted of the rough day for tyre companies on the market, as many experienced significant drops in their stock prices.
A reason to go ‘bear’ on tyre stocks ! pic.twitter.com/zebyYwc3FS
— Harsh Goenka (@hvgoenka) October 4, 2024
Here’s a quick look at how some of the major tyre stocks performed:
Apollo Tyres
The shares of of the company fell by 2.81 per cent, ending the day at Rs 511, down by 14.80 points.
Balkrishna Industries
The stock saw a steep decline of 3.53 per cent, with shares priced at Rs 2,860, dropping by 104.75 points.
CEAT Ltd
The stock dipped slightly by 0.38 per cent, ending the week at Rs 3,060 apiece, down by 11.75 points.
MRF Ltd
One of the biggest names in the industry, MRF saw a drop of 1.91 per cent, with shares priced at Rs 1,33,500, down by 2,604.34 per cent.
MRF Share performance
JK Tyre & Industries
The shares fell by 2.34 per cent, ending the week at Rs 405.50, down by 9.70 points.
Goodyear India
The company’s stock declined by 0.73 per cent, with the stock priced at Rs 1,141.95, down by 8.40 per cent.
While Goenka’s humorous post may have lightened the mood, it mirrored the bearish trend seen in the tyre sector today.
Netizens Reaction
