Apollo Tyres shares fall nearly 4 pc after Q4 results

Shares of Apollo Tyres Thursday fell by nearly 4 per cent after the company reported 66.41 per cent plunge in consolidated net profit for the fourth quarter of 2018-19.

The scrip declined 3.62 per cent to close at Rs 184.90 on the BSE. During the day, it dropped 5 per cent to Rs 182.20 -- its 52-week low.

On NSE, the shares fell 3.62 per cent to close at Rs 184.80.

On the traded volume front, 5 lakh shares were traded on the BSE and over 91 lakh shares changed hands on NSE during the day.

Earlier in the day, Apollo Tyres reported 66.41 per cent plunge in consolidated net profit at Rs 83.99 crore for the fourth quarter of 2018-19, hit by Rs 100 crore write-off related to IL&FS.

The company has written off Rs 100 crore for the March quarter and a total of Rs 200 crore for the entire 2018-19 fiscal on account of IL&FS issue.

It had posted a net profit of Rs 250.10 crore for the fourth quarter of 2017-18.

Sales for the period under review stood at Rs 4,176.25 crore. It stood at Rs 3,982.43 crore for the same quarter a year ago, Apollo Tyres said in a statement.