JK Tyre and Industries Ltd shares tanked 12.09 per cent in Monday's trade to hit a day low value of Rs 438.70. At this price, the stock has slipped 20.86 per cent from its one-year high of Rs 554.35, a level seen last week on February 5. Despite the mentioned fall, the multibagger scrip has gained 209.71 per cent compared to its 52-week low of Rs 141.65, hit on March 20, 2023.
Bourses BSE and NSE have put the securities of JK Tyre under the long-term ASM (Additional Surveillance Measure) framework. Exchanges put stocks in short-term or long-term ASM frameworks to caution investors about high volatility in share prices.
Technical analysts largely recommended that the stock looked 'weak' on daily charts.
Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers, said, "Support will be at Rs 440 and resistance at Rs 465. A decisive close above Rs 465 level may trigger a further upside till Rs 480. Expected trading range will be between Rs 425 and Rs 500 for a month."
DRS Finvest founder Ravi Singh said, "The stock looked weak on daily charts and may slip towards Rs 400 level. Resistance will be at Rs 460."
The counter was trading lower than the 5-day, 10-, 20-day and 30-day simple moving averages (SMAs) but higher than the 50-day, 100-, 150-day and 200-day SMAs. The counter's 14-day relative strength index (RSI) came at 40.58. A level below 30 is defined as oversold while a value above 70 is considered overbought.
The company's stock has a price-to-equity (P/E) ratio of 25.42 against a price-to-book (P/B) value of 4.18. Earnings per share (EPS) came at 19.63 with a return on equity (RoE) of 16.43.
As of December 2023, promoters held a 53.13 per cent stake in the company.