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India's Apollo Tyres slumps 6.25 pct in pre-open on Cooper Tire buy

Source : REUTERS
Last Updated: Thu, Jun 13, 2013 03:50 hrs

MUMBAI, June 13 (Reuters) - India's Apollo Tyres Ltd shares slumped 6.25 percent in pre-open trade on Thursday as its buy of U.S.-based Cooper Tire & Rubber Co for about $2.5 billion is seen increasing the company's debt levels.

The deal, which was announced late Wednesday, is at a premium of about 43 percent to Cooper's Tuesday close. (Reporting by Subhadip Sircar; Editing by Supriya Kurane)

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