Apollo Tyres shares extend slide on Cooper deal worries

Last Updated: Fri, Jun 14, 2013 08:55 hrs

India's Apollo Tyres Ltd fell as much as 8.7 percent on Friday to its lowest in about 1-1/2 years on continued concerns about a rise in its debt levels due to its $2.5 billion acquisition deal for Cooper Tire & Rubber Co.

Apollo's stock has fallen more than 30 percent since announcing the debt-financed deal for the U.S.-based tyre maker after the markets close on Wednesday.

Apollo shares were down 7.6 percent at 63.35 rupees as of 0804 GMT after earlier touching as low as 62.60 rupees, its lowest since Jan. 9, 2012.

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