Apollo Tyres, a major company in the tyre business, has released the results for the second quarter of the current financial year. The company has informed in the exchange filing that its consolidated profit has decreased by almost half. The company's profit has decreased from Rs 474.2 crore to Rs 297.4 crore on an annual basis. Consolidated earnings have increased from Rs 6279.5 crore to Rs 6437 crore on an annual basis.

EBITDA has declined from Rs 1160 crore to Rs 878 crore on a yearly basis. EBITDA margin has declined from 18.5% to 13.6%.

Return on stock The stock has given a return of 0.56 per cent from January till date, around 10 per cent in 1 year and 97 per cent for 3 years. If we look at the company's stake, promoters hold 37.36 per cent, foreign institutional investors hold 14.55 per cent, domestic institutional investors hold 27.13 per cent and retail investors hold 20.97 per cent. How was the performance The short term scenario for Apollo Tyres looks bearish. The stock has been weak this week. The stock price has fallen by around 4 per cent so far this week. The 2.4 per cent fall on Tuesday has brought the stock well below the key support zone of Rs 475, strengthening the bearish position. On the chart, the stock shows room for further decline from the current levels. According to experts, the stock has resistance at ₹ 477 and ₹ 481. Apollo Tyres share price may decline to ₹ 460 from here. Traders can go short at ₹ 471 now. Add more shorts on a rise to ₹ 476. Keep the stop-loss at ₹ 481. As soon as the stock moves to ₹ 466, move the stop-loss to ₹ 468. When the price reaches ₹ 462, move the stop-loss further down to ₹ 465. Exit the shorts at ₹ 460.