Apollo Tyres gains; Morgan Stanley buys 0.5 percent stake

Reuters Market Eye - Shares in Apollo Tyres Ltd gain as much as 2.45 percent, hitting their highest intraday level since June 18, after Morgan Stanley Asia (Singapore) Pte on Wednesday bought a 0.5 percent stake in the company via a bulk deal, NSE data shows.

Morgan Stanley bought 2.7 million shares in the company at a price of 63.37 rupees a share, data shows.

Apollo shares are trading up 1.19 percent at 64 rupees after earlier touching 64.80 rupees.

Apollo Tyres' shares have slumped 31.2 percent after it announced on June 12 its plans for a $2.5 billion deal to buy U.S.-based Cooper Tire & Rubber Co , raising concerns about the company's debt.

 

(Reporting by Abhishek Vishnoi)