Shares of Goodyear India fell 4% on May 30 as the company’s management expressed concerns over ongoing challenges in the near term.

Shares of the tire company were trading at Rs 1,219.85 at 11 am, down 3.69%. So far today, the stock has traded 22,209 shares, compared with its five-day average of 6,076 shares, an increase of 266%.

Sandeep Mahajan, chairman and managing director, Goodyear India, said near-term concerns about the macro environment remain. In the future, though, he said the company sees improving raw material cost trends while focusing on expanding distribution and repositioning its brand in the premium segment.

The company posted revenue of Rs 656 crore in the fourth quarter, up 9% from a year earlier. Net profit rose 93% year-on-year to Rs 34 crore due to a better sales mix, price realisation, and lower operating costs.

Mahajan highlighted that the company delivered solid revenue and profit growth during the quarter despite a challenging business environment with persistent inflation and high-interest rates.

Goodyear India declared a final dividend of Rs 26.50 per share.