Hot Pursuit     21-Sep-23
Apollo Tyres slips after labour disputes halt production at Limda facility
Apollo Tyres fell 2.47% to Rs 369.55 after the Bias and OTR tyres production at its manufacturing facility in Limda, Gujarat has been stopped due to certain concerns amongst shop floor employees relating to renewal of long-term settlement agreement.
The company said that it is in discussions and negotiations with the labour union representatives to address their concerns and find an amicable resolution.

While the company is monitoring the situation closely, there are plans in place to mitigate any supply disruptions.

Apollo also added that this situation has no material impact on the company's operations at this stage.

Apollo Tyres is an international tyre major with manufacturing units in India, the Netherlands and Hungary.

The tyre maker reported 123.79% surge in consolidated net profit to Rs 396.91 crore on 5.1% rise in revenue from operations to Rs 6,244.58 crore in Q1 FY24 over Q1 FY23.

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