Shares of tyre manufacturers today fell as yuan weakened against the dollar.
Apollo Tyre fell 3.6 per cent, CEAT fell 0.9 per cent and JK Tyre declined 2.9 per cent.
Tyre makers fell on worries that a cheaper yuan will make Chinese tyre exports more attractive.
China’s onshore yuan softened against the dollar on Monday to its weakest level since April 2011 after the central bank set the guidance rate at a more than 4-1/2-year low.
The offshore yuan weakened and hit its lowest since September 2011 in early trade.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.