New Delhi: Tyre major MRF has reported a 78.30% plunge in its standalone net profit at Rs106.53 crore for the quarter ended 30 June, on account of higher expenses.

The company had posted a net profit of Rs490.93 crore during the same period previous fiscal, MRF Ltd said in a BSE filing.

Total income during the quarter under review stood at 4,060.93 crore as against 3,955.93 crore in the year-ago period, up 2.65%.

Total expenses also grew 21.01% to ,926.31 crore during the period compared to 3,244.45 crore in the same quarter last fiscal. The stock closed 2.57% down at 67,400 apiece on BSE.