Apollo Tyres gains; Morgan Stanley buys 0.5 per cent stake

Shares in Apollo Tyres Ltd  gained as much as 2.45 per cent, hitting their highest intraday level since June 18, after Morgan Stanley Asia (Singapore) Pte on Wednesday bought a 0.5 per cent stake in the company via a bulk deal, NSE data shows.

Morgan Stanley bought 2.7 million shares in the company at a price of Rs 63.37 a share, data shows.

Apollo shares traded up 1.19 per cent at Rs 64 after earlier touching Rs 64.80.

Apollo Tyres' shares have slumped 31.2 per cent after it announced on June 12 its plans for a $2.5 billion deal to buy U.S.-based Cooper Tire & Rubber Co, raising concerns about the company's debt.

Copyright: Thomson Reuters 2013