MRF shares down 7 percent

Bangalore: MRF stock finished among the top losers in the market after its price went down seven percent from its previous close. Having started trade at Rs. 6,770, during the day the stock touched its 52 week high of Rs. 6,899, before losing steam and falling 6.93 percent to close at Rs. 6,166.80. Through the day, 129,275 MRF shares were traded in the market with the current P/E ratio of the stock at 17.27. The 52 week stock price chart is on the left.

MRF is an India-based company engaged in the manufacture of tyres, tubes, flaps, tread rubber and conveyor belt. Its subsidiaries include MRF Corporation, MRF International and MRF Lanka. The company also manufactures specialty coatings for a range of applications. Today, the company announced a final dividend of Rs. 19 per share on the paid-up capital as on September 30, 2009. The company has already declared and paid two interim dividends of Rs. 3 each per share for the above year, thus aggregating to a total dividend of Rs. 25 per share for the year.

Other tyre companies have also ended the trading in red zone with JK Tyre and Industries, Goodyear India and Apollo Tyres going down 1.33, 0.27 and 1.47 percent respectively. With 70,000 units of shares, UTI Childrens Career Balanced Plan holds the largest number of shares in MRF.