India's MRF slumps after posting quarterly profit fall

Indian tyre maker MRF MRF.NS dips as much as 3.5% to 137,215 rupees, last down 0.6%

Co posted a ~14% on-year drop in Q1 profit from cont. ops due to higher rubber costs - a key raw material

Expenses jumped about 10%; rev grew 7%

Stock was down marginally ahead of results

Stock rated "Sell" on avg, median PT at 132,499 rupees - data compiled by LSEG

Year-to-date, stock up 8%