Shares of Apollo Tyres slumped 12.5 per cent today after the company's first quarter earnings came in below market expectations.
The stock plunged 12.46 per cent to end at Rs 182.95 on BSE. During the day, it tumbled 13.39 per cent to Rs 181.
At NSE, shares of the company tanked 12.45 per cent to Rs 183.10 per scrip at the close.
The company's market valuation fell by Rs 1,325.39 crore to Rs 9,312.61 crore.
On the volume front, 20.32 lakh shares of the company changed hands at BSE and over one crore shares were traded at NSE during the day.
"Apollo Tyres Q1 FY16 results were below estimates primarily on account of lower-than-anticipated topline," said Bharat Gianani, Sr Research Analyst - Automobile, Angel Broking.
Tyre manufacturer Apollo Tyres today reported 27.48 per cent increase in consolidated net profit at Rs 290.59 crore for the first quarter ended June 30.
The company had posted a net profit of Rs 227.94 crore in the April-June quarter of the last fiscal, Apollo Tyres said in a BSE filing.
However, the company' total income from operations, on a consolidated basis, declined 12.05 per cent during the quarter under review to Rs 2,845.35 crore as against Rs 3,235.53 crore of same quarter last fiscal.
Apollo Tyres' revenue from Indian market in the first quarter of FY16 declined 7.43 per cent to Rs 2,155.01 crore as against Rs 2,328.22 crore of the same period previous fiscal.
