Apollo Tyres slips on project cancellation, plant lockout

MUMBAI: Apollo Tyres fell nearly 3 percent after it cancelled a planned greenfield project in Hungary, for which it had announced an investment of 200 million euros ($249.9 million).

The management also declared a lock out at its facility in Kochi due to lack of production and a section of the workers striking work. The company had recently invested about Rs 15 crore for increasing production from 280 MT to 318 MT.

Shares were down 2.36 percent at Rs 35.10 with volume traded at 1,07,322 against two-week average of 10,25,855 shares.