Apollo Tyres stock falls on weak Q3 results

Shares of Apollo Tyres on Monday slumped almost 17 per cent after the company reported a 45.49 per cent decline in consolidated net profit for the third quarter ended December 31.

The stock  fell sharply by 16.56 per cent to Rs 178.05 on the BSE.

On the NSE, it tumbled 16.89 per cent to Rs 177.55.

Apollo Tyres had on Friday reported a 45.49 per cent decline in consolidated net profit at Rs 184.24 crore for the third quarter ended December 31, hit by provisions made for the rescue plan of its South African unit.

The company had posted a net profit of Rs 338.01 crore for the same period of previous fiscal.

Net sales of the company declined to Rs 3,091.55 crore for the third quarter, as against Rs 3,475.12 crore during the same period of previous fiscal, Apollo Tyres Ltd had said in a statement.