1. Amtek Auto shares fall over 28% on debt worries

Amtek Auto shares fall over 28% on debt worries

Amtek Auto shares crashed over 30 per cent in the early trade on Thursday on continuing worries over reports of liquidity issues at the company.

By: | Updated: August 20, 2015 4:54 PM
Amtek shares

Amtek Auto shares crashed over 30 per cent in the early trade on Thursday on continuing worries over reports of liquidity issues at the company. (Express photo)

Amtek Auto shares crashed over 30 per cent in the early trade on Thursday on continuing worries over reports of liquidity issues at the company.

At 9.43 am, the share price of the company was trading 28.88 per cent and 31.69 per cent lower at Rs 63.30 and Rs 60.90 on the BSE and NSE, respectively. Meanwhile, the BSE Sensex was down 84 points at 27,847.

On NSE, it opened at Rs 89.15 and had touched a high and low of Rs 80.25 and Rs 53.50, respectively, in trade so far.

The scrip close 28.37 per cent lower at Rs 63.75 on BSE and 29.84 per cent down at Rs 62.55 on NSE.

The share price of the company plunged nearly 40 per cent in the last hour of trade on Wednesday following an announcement by the National Stock Exchange that it will exclude the stock from derivatives (F&O) segment after October expiry.

Amtek Auto’s debt to equity ratio of about 1.5 is among the highest for auto component makers across emerging economies in Asia Pacific, according to StarMine.

The company also reported a widened loss in April-June period, for the quarter ended June 2015, Amtek Auto posted net loss of Rs 157.60 crore against a net profit of Rs 86.08 crore in the corresponding quarter a year ago.

In the past one month, the share price of Amtek Auto plunged around 70 per cent to Rs 91.20 on August 19. It was at Rs 280.70 on July 20 last month.

Group company Castex Technologies slid to daily lower limit for 28th consecutive session. During these sessions, the share price of Castex Technologies declined 74 per cent to Rs 90.95 on August 19.

(With inputs from Reuters)

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