Apollo Tyres shares down 3% intraday after weak Q4 numbers

Shares of Apollo tyres fell 3% in an early morning trade on Thursday after the company reported a 20.26% decline in consolidated net profit at Rs 245.16 crore for the fourth quarter (Q4) ended March 31.

The stock tanked 3.19% to Rs 148.65 on the Bombay Stock Exchange (BSE).

However, at 11:32 hours, the shares of the company recovered slightly and were trading up 2.38% or Rs 3.65 at Rs 157.05 per scrip on the BSE.

At the National Stock Exchange (NSE), shares of the company went down by 3.22% to Rs 148.70 in an early morning trade. However, at 11:38 hours, the shares of the company recovered slightly and were trading up 2.15% or Rs 3.30 at Rs 156.80 per scrip on the NSE. 

Apollo Tyres on Wednesday reported a 20.26% decline in consolidated net profit at Rs 245.16 crore for the fourth quarter (Q4), hit by an import of Chinese tyres into the country.

The tyre maker had posted a net profit of Rs 307.48 crore for the January-March period of the year-ago fiscal.

The company's net sales also declined to Rs 2,966.11 crore for the fourth quarter (Q4) as compared to Rs 3,133.93 crore during the same period of previous fiscal, Apollo Tyres had said in a statement on Wednesday.