Apollo Tyres hits new 52-week high on block deal news

19 Dec 2023 , 12:23 PM

Apollo Tyres shares rose 7% in early trading on Tuesday, reaching a fresh all-time high of Rs 485 per share. This increase in share price happened after 2.61 crore shares of the business were traded in a block transaction deal on Tuesday. However, the buyers and sellers were not immediately recognized.

Earlier, it was announced that Warburg Pincus, a foreign portfolio investor, will sell a 3% stake in the tyre producer in a block sale on Tuesday.

According to the article, the floor price for the proposed sale was established at Rs 440 per share, marking more than 2% drop from Monday’s closing price. According to the reports, a 90-day lock-in period will be imposed following the share sale.

Apollo Tyres’ share price has risen dramatically this year, rewarding owners with a 43.68% return. The stock has shown a bullish trend, with positive returns in six of the previous ten months.

At around 12.21 PM, Apollo Tyres was trading 1.26% higher at Rs 458.75, against the previous close of Rs 453.05 on NSE.

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