Apollo Tyres shares bounce back, ends 3% higher

Apollo Tyres shares bounced back and ended the day with over 3 per cent gains on value-buying at lower level.
After falling 3 per cent to Rs 148.65 on BSE during the day, shares of the company later pared all its initial losses and ended the day at Rs 158.60, up 3.39 per cent.
On NSE, the scrip settled with 3.32 per cent gains at Rs 158.60.
The stock had fallen during the morning trade following disappointing earnings, however, later it recovered all its lost ground on emergence of buying.
In terms of volume, 9.71 lakh shares of the firm changed hands at BSE and over one crore shares were traded at NSE during the day.

Yesterday, Apollo Tyres reported a 20.26 per cent decline in consolidated net profit at Rs 245.16 crore for the fourth quarter, hit by import of Chinese tyres into the country.
The tyre maker had posted a net profit of Rs 307.48 crore for the January-March period of the year-ago fiscal.
Net sales also declined to Rs 2,966.11 crore for the fourth quarter compared with Rs 3,133.93 crore during the same period of previous fiscal, Apollo Tyres had said in a statement.