Mumbai/IBNS, March 9 -- Shares of tyre manufacturers including JK Tyre & Industries, CEAT and Apollo Tyres declined between 3 and 8 percent on Monday amid concerns over rising input costs triggered by the escalating Middle East conflict, media reports said.

The surge in oil prices and natural rubber costs has squeezed profit margins for tyre manufacturers.

In addition, the weakening of the Indian Rupee against the US Dollar has further increased the cost of importing natural and synthetic rubber, significantly impacting input costs for the sector.

Meanwhile, the broader Indian stock market also witnessed a major sell-off on Monday as escalating Middle East tensions rattled investor sentiment.

The NSE Nifty 50 opened below the 24,000 m...