APL Apollo Tubes encountered a nearly 3 percent dip in shares at the NSE opening on December 2, following the company’s report of a 0.2 percent decline in Q3FY24 sales volume to 6.04 tonnes on January 1.
According to a company update, APL Apollo Pipes revealed Q3FY24 sales volumes of 6.03 tonnes, down from 6.05 tonnes in Q3FY23. On a quarter-on-quarter basis, the volumes experienced a 10.5 percent drop from 6.74 tonnes in Q2FY24. The decline in Q3FY24 sales volume on a QoQ basis was attributed to channel de-stocking in anticipation of an imminent correction in steel prices.
As of 11:23 am, the shares were trading 2.63% lower at ₹1,488.50.