Apollo Tyres slumps after Cooper Tire shareholders approve sale

MUMBAI (Reuters) - Apollo Tyres shares fell as much as 8.9 percent on worries about possible high debt after Cooper Tire and Rubber Co shareholders approved the U.S. company's $2.5 billion sale to the Indian company on Monday.

Shareholders stand to receive $35 per Cooper share, a premium of more than 40 percent to its price before the acquisition announcement on June 12. Cooper shares rose 3.5 percent to a high of $31.44 after the shareholder meeting on Monday, before closing at $30.80.

(Reporting by Abhishek Vishnoi; Editing by Prateek Chatterjee)