Apollo Tyres gains; Morgan Stanley buys 0.5% stake

Shares in Apollo Tyres Ltd gain as much as 2.45 percent, hitting their highest intraday level since June 18, after Morgan Stanley Asia (Singapore) Pte on Wednesday bought a 0.5 percent 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.

Also read: No risk to Cooper deal; completion by Oct: Apollo Tyres

Apollo shares are trading up 1.19 percent at Rs 64 after earlier touching Rs 64.80.

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