Apollo Tyres surges after Cooper Tire loses court bid to force merger

MUMBAI (Reuters) - Shares in Apollo Tyres Ltd rose as much as 8.2 percent Tuesday after Cooper Tire & Rubber Co lost its U.S. court bid on Monday to force the Indian tyremaker to complete their proposed $2.3 billion merger.

Under the terms of the merger, Apollo can walk away from the deal on December 31. Investors have worried a takeover of Cooper would lead to a strong increase in debt levels at Apollo.

(Reporting by Abhishek Vishnoi; Editing by Prateek Chatterjee)