The production was disrupted in 3 shifts till December 2, 2015. The production loss due to this natural calamity is 450 MT (approximately)
Apollo Tyres shares fell over 2.5 per cent on Thursday after the company informed stock exchanges that the production operations of the company’s plant located at Oragadam, Tamil Nadu have been disrupted due to flooding at the factory premises caused by heavy rains in Chennai.
At 1.18 pm, Apollo Tyres share price was trading 2.71 per cent down at Rs 159.65. The scrip opened at Rs 163 and had touched a high and low of Rs 164.05 and Rs 159.20, respectively, in trade so far. Later, the share price of the company closed 3.38 per cent down at Rs 158.55.
In a BSE filing, the company said, “The production was disrupted in 3 shifts till December 2, 2015. The production loss due to this natural calamity is 450 MT (approximately). The natural calamity is adequately covered under the Insurance Policy of the Company.”
For the quarter ended September 30, 2015, the company posted consolidated net profit of Rs 278.74 crore, up 8.06 per cent, against Rs 257.94 crore in the corresponding quarter a year ago. Sensex was down 169.55 points at 25,948.30.
In the past one year, the share price of the company fell 30.21 per cent to Rs 164.10 on BSE till December 2. The scrip was at Rs 235.15 on the same day last year. Sensex fell 8.18 per cent during the same period.
Apollo Tyres produces the entire range of automotive tyres for ultra and high speed passenger cars, truck and bus, farm, off-the-road, industrial and specialty applications like mining, retreaded tyres and retreading material. These are produced across Apollo’s eight manufacturing locations in India, Netherlands and Southern Africa.