Shares of the company shared tanked 10.64 per cent to close at Rs 1,124.95 on the BSE on Monday, amid reports of promoters' pledging more shares.
According to him, the amount of pledged shares has increased to 78 per cent from 73 per cent.
"There is significant elbow room and cushion. There is significant collateral and Apollo is a very strong growing company. So there is no real long term issue. There is no issue on (the) ground," he said.
About the steep fall in share price on Monday, he said, "I don't know what was the trigger for the shares to come down. Some market operators were clearly at it".
Additional shares were pledged by the promoters on account of unwinding of a deal with private equity major KKR.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)