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Apollo Tyres Limited shares fall on Cooper Tire deal worries

Apollo Tyres fell as much as 8.7% on Friday to its lowest in about 1-1/2 years.

Written by Reuters | Mumbai | Published: June 14, 2013 2:43:11 pm

Apollo Tyres fell as much as 8.7 percent on Friday to its lowest in about 1-1/2 years on continued concerns about a rise in its debt levels due to its $2.5 billion acquisition deal for Cooper Tire & Rubber Co.

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Apollo’s stock has fallen more than 30 percent since announcing the debt-financed deal for the U.S.-based tyre maker after the markets close on Wednesday.

Apollo shares were down 6.5 percent at 64.10 rupees as of 2:10 p.m. after earlier touching as low as 62.60 rupees,its lowest since January 9,2012.

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