Apollo Tyres, one of the leading tyre manufacturers in India, announced a drop in consolidated net profit for the quarter ended December 2014.

During the quarter, the profit of the company declined 45.49% to Rs 1,842.41 million from Rs 3,380.13 million in the same quarter last year.

Net sales for the quarter declined 13.66% to Rs 31,159.61 million, compared with Rs 36,089.39 million for the prior year period.

Shares of the company declined Rs 30.25, or 14.18%, to trade at Rs 183.15. The total volume of shares traded was 623,323 at the BSE (10.05 a.m., Monday).