New Delhi, May 20 -- Apollo Tyres Ltd staged a decent operating performance for the March quarter (Q4FY20) in spite of covid-19 led challenges across its Indian and European operations. But, this did little to lift investor confidence. The stock trended lower as the management forecast a bleak near-term outlook across regions, in its analysts' call.

Q4's consolidated earnings before interest, tax, depreciation and amortisation(ebitda) margin at 13.2% zoomed 322 basis points (bps) year-on-year (yoy). One basis point is one hundredth of a percentage point. It even shot past Bloomberg's consensus estimate of 9.8%.

However, this was mainly on the back of stringent cost control efforts in staff and promotional expenses. Of course, lower rubb...