The Reserve Bank of India (RBI) said on Wednesday the foreign institutional investors (FIIs) and registered foreign portfolios investors (RFPIs) can now invest up to 45% of the paid up capital of Apollo Tyres under the Portfolio Investment Scheme.

Earlier the company has passed resolutions at the board of directors' level and a special resolution by the shareholders, agreeing for enhancing the limit from 40% to 45% for the purchase of its equity shares and convertible debentures by FIIs.

Shares of the company declined Rs 6.05, or 2.98%, to settle at Rs 197.00. The total volume of shares traded was 447,622 at the BSE (Wednesday).