Apollo Tyres' scrip ended at Rs 100.90, up 7.97 per cent from its previous close on the BSE. In intra-day trade, the stock rose by 8.93 per cent to Rs 101.80.
At the NSE, the scrip settled 7.75 per cent higher at Rs 100.75.
"The stock rose on assumption that the company will walk away from the Cooper deal which will be big positive for it. The stock may rise to Rs 120 in next two months," said Kishor Ostwal, CMD, CNI Research.
On November 12, pushing for an early completion of their merger deal, Cooper Tire & Rubber Co had filed with the Delaware Supreme Court an appeal against the partial ruling on November 8, 2013 by Delaware Chancery Court.
In October, Cooper filed a complaint in Delaware Court of Chancery to push for completion of their merger and stated that the Indian firm was seeking to delay an agreement with USW, which represents Cooper employees at facilities in Findlay, Ohio, and Texarkana, Arkansas.