According to exchange data, around 2.1 crore shares, or 3.37% of the company’s total outstanding equity, changed hands in the block deal.
The transaction was valued at approximately ₹930 crore.
The identity of the buyers and sellers was not immediately available.
Separately, brokerage firm UBS recently upgraded Apollo Tyres to ‘Buy’ from ‘Neutral’ and raised its price target to ₹590 per share.
UBS said Apollo Tyres continues to trade at a discount to its peers, while the stock has underperformed the broader tyre sector over the past four years.
The brokerage, however, sees the outlook improving as the management takes steps to strengthen the India business, including increased investments in brand building and the sponsorship of the Indian cricket team’s jersey.
UBS also sees a more constructive outlook for Apollo Tyres’ European operations.According to the brokerage, investors remain focused on near-term commodity cost pressures and recent execution challenges, while underappreciating the company’s potential for a significant earnings recovery once commodity headwinds ease.
UBS expects Q2FY27 to remain challenging, with natural rubber prices having risen 22% quarter-on-quarter in Q1FY27. However, it expects earnings to improve meaningfully thereafter.
The brokerage projects 21% year-on-year growth in EBITDA in FY28E, supported by easing commodity pressures and improving business conditions.
With demand remaining robust and the company’s strategic initiatives beginning to gain traction, UBS believes Apollo Tyres’ medium-term earnings recovery potential is not fully reflected in the stock, it said.
