Apollo Tyres slumps over 12pc on weak Q3 results

Shares of Apollo Tyres nosedived by over 12 per cent at close today after the company reported 45.49 per cent decline in consolidated net profit for the third quarter ended December 31, 2014.
After falling 16.56 per cent to Rs 178.05 in intra-day trade at the BSE, shares of Apollo Tyres finally ended at Rs 187.15, down 12.30 per cent.
At the National Stock Exchange, it tanked 12.40 per cent to settle at Rs 187.15.
The company's market valuation declined by Rs 1,335.6 crore to Rs 9,526.40 crore.
Apollo Tyres had on Friday reported 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.