Shares of Apollo Tyres has dipped over 4 per cent after the company reported a consolidated net loss of Rs 135 crore for the first quarter ended June 30, hit by lower sales due to coronavirus pandemic. The stock declined 4.14 per cent to Rs 111 on the BSE. At the NSE, it plunged 4.22 per cent to Rs 111. The tyre maker had reported a net profit of Rs 142 crore in the April-June last fiscal.

Net sales during the quarter under review declined to Rs 2,828 crore, from Rs 4,272 crore in the year-ago period, Apollo Tyres said in a statement on Wednesday.

While the first half of the first quarter was almost a complete washout, our performance has been excellent since the markets opened up, especially in the replacement market.

“While the uncertainty will continue, and we will have to find opportunities for growth, I am hopeful of the markets further recovering and the sales bouncing back around the festive season in India,” Apollo Tyres Chairman Onkar S. Kanwar said.