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Apollo Tyres surged as much as eight per cent in trade today after Cooper Tire & Rubber Co lost a U.S. court battle, which would have compelled Apollo Tyres to buyout the company.
The Apollo Tyres stock was last quoting at Rs 90 on the Bombay Stock Exchange. The court decision now leaves Apollo Tyres with the option of exiting the acquisition deal until Dec 31.
Investors were not too happy with Apollo's acquisition of Cooper Tyres as it would have added to debt on the books of the company.
Apollo Tyres Ltd had earlier in June agreed to buy the U.S. based Cooper Tire & Rubber in a deal that was worth around$2.5 billion.
The deal would have given the company a global footprint and reduce its dependence on a the Indian auto market.
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