Leading Tyre manufacturer Apollo Tyres has said that it has received a downgrade in its credit ratings for bank facilities from Credit Rating Information Services of India Limited (CRISIL).

"The long term rating on the Bank facilities and other debt programmes of the Company to CRISIL AA/ Positive from CRISIL AA/ Stable," the company informed in a filing to the Bombay Stock Exchange.

The short term rating remains as CRISIL A1+.

Apollo Tyres Limited, with its corporate headquarters in Gurgaon, India, is in the business of manufacture and sale of tyres since its inception in 1972. Over the years, the company has grown manifold, establishing its footprint across the globe. The company has manufacturing units in India and The Netherlands. It is also setting up a new manufacturing facility in Hungary, with a planned investment of Euro 475 million. The company markets its products under its two global brands - Apollo and Vredestein, and its products are available in over 100 countries through a vast network of branded, exclusive and multi-product outlets.

Meanwhile, shares of the company were traded at Rs 179.90 a piece, down 1.34 per cent from the previous close on BSE.