Latest News | BIZ-STOCKS-LD APOLLOTYRE  Apollo Tyres Shares End Lower Nearly 1 Pc on Poor Quarterly Results

New Delhi, Aug 6 (PTI) Shares of Apollo Tyres on Thursday dropped more than 4 per cent before closing lower by nearly 1 per cent as the company reported a consolidated net loss of Rs 135 crore for the April-June quarter.

The stock, which declined 4.14 per cent to Rs 111 during the day on the BSE, later closed at Rs 115.60, down 0.17 per cent.

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On the NSE, it declined 0.73 per cent to close at Rs 115.05 after plunging 4.22 per cent to Rs 111 during the day.

The tyre maker had reported a net profit of Rs 142 crore in the April-June last fiscal.

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Net sales during the quarter under review declined to Rs 2,828 crore, from Rs 4,272 crore in the year-ago period, Apollo Tyres said in a statement on Wednesday.

"While the first half of the first quarter was almost a complete washout, our performance has been excellent since the markets opened up, especially in the replacement market.

"While the uncertainty will continue, and we will have to find opportunities for growth, I am hopeful of the markets further recovering and the sales bouncing back around the festive season in India," Apollo Tyres Chairman Onkar S Kanwar said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)