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Apollo Tyres scrip down over 2% on profit-booking

Shares of Apollo Tyres on Wednesday fell by over 2 percent on profit-booking, cutting short its sharp rally in the previous session.



Mumbai: Shares of Apollo Tyres on Wednesday fell by over 2 percent on profit-booking, cutting short its sharp rally in the previous session.

Apollo Tyres' scrip ended at Rs 104.85, down 2.15 percent on the BSE. During the day, the stock fell by 2.7 percent to Rs 104.25.

At the NSE, the scrip settled 2.29 percent lower at Rs 104.75.

On the volume front, 14.06 lakh shares of the company changed hands on the BSE, while over one crore shares were traded at the NSE during the day.

In the previous session, the scrip gained 6 percent as investor concerns over its USD 2.5-billion merger agreement with Cooper Tire & Rubber Co eased after the US-based firm terminated the deal.

In June last year, Apollo had announced it will acquire Cooper Tire & Rubber Co in an all-cash transaction valued at around USD 2.5 billion (nearly Rs 14,500 crore) and the merged entity was billed to become the seventh largest tyre maker in the world.

Meanwhile, in the broader market, the BSE benchmark Sensex closed the day on a flat note, down 30.2 points at 21,140.48.

From Zee News

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