The MRF stock hit its all-time high on Tuesday amid reports that the Commerce Ministry is likely to discuss anti-dumping duty on import of certain kind of radial tyres.
At 1513 hours, the stock was trading at Rs 58,300 level, down 1604 points or 2.68 percent on the BSE. It closed at Rs 58500 level, down 1404 points on the BSE.
The stock hit an all-time high of Rs 60,298 in early trade after crossing the 60,000 level first time ever yesterday.
It opened at Rs 59,905 level today.
It is the most expensive stock in terms of market value.
The stock has surged 2,529 percent since it was listed on bourses.
On September 28, 2016, MRF crossed the 50,000 milestone for the first time ever.
Anti-dumping duty case
Automotive Tyre Manufacturers' Association (ATMA) had filed the application on behalf of the domestic producers-Apollo Tyres, JK Tyre Industries and Ceat for investigations in dumping of the tyres.
The other major manufacturers of radial tyres in India include MRF and Goodyear.
The Directorate General of Anti dumping and Allied Duties (DGAD), in its investigation, had found sufficient prima facie evidence of dumping of the tyres by Chinese companies.
The Indian tyre industry claims that imports of truck and bus radials from China have gone up by 68 per cent from 780,000 units in April-October 2014/15 to 1.31 million units in the corresponding period of the current fiscal.
Allegations are also rife that radials from China have increased by a staggering 600 per cent in the past two years, largely due to a 67 per cent surplus capacity there.