Apollo Tyres on a rough road

Apollo Tyres is on a rough road today, down 3% at Rs.179 levels, with an intra day low at Rs.175.65.

The stock is down after SEBI slapped a fine of over Rs.1 crore on the company for allegedly failing to comply with buyback regulations. SEBI has alleged that the shares of the company were bought back by the company and its promoters which was in contravention of the relevant section of the Companies Act and Sebi (Buy Back of Securities) Regulations. SEBI has stated that violations happened in 2003.