Classic Auto Tubes, one of the promoters of Apollo Tyres, bought 9.41 lakh shares from the open market on Wednesday. According to the company, the deal was worth Rs 3.40 crore and its stake moved up to 1.86 per cent from 1.74 per cent.
At the end of March 2013, the promoters’ stake in the company stood at 43.37 per cent.
The Apollo Tyres stock has been under pressure since the company on June 12 informed the exchanges that it had agreed to buy US-based Cooper Tire & Rubber Company for about $2.5 billion or about Rs 14,500 crore and will fund the deal through debt.
Since then, the stock has plunged about 39 per cent from a high of Rs 92.5 (on June 12). Currently, it is hovering around Rs 56.6, a gain of 0.35 per cent, over the previous days close.