Apollo Tyres, one of the leading tyre manufacturers in India, witnessed a sharp fall in share price on Tuesday after the company reported a lower-than-expected growth in profit. The company disclosed a good increase in consolidated net profit for the quarter ended June 2015. During the quarter, the profit of the company rose 27.49% to Rs 2,905.95 million from Rs 2,279.43 million in the same quarter previous year.

The company profit at Rs 2,905.95 million compared with estimate of Rs 2,820 million, said ICICIdirect.

Revenues for the quarter declined 12.06% to Rs 28,453.54 million, compared with Rs 32,355.39 million for the prior year period.

Shares of Apollo Tyres are trading at Rs 182.45, down Rs 26.55, or 12.70% at the Bombay Stock Exchange (BSE) on Tuesday at 3:25 p.m.

Total volume of shares traded on the bourses today was higher by 35.25% to 14,926,386 compared with 22-day average volume of 11,036,360.