Amtek Auto share price fell as much as 5.62 per cent in the early trade on Monday after the company on Saturday reported a consolidated net loss of Rs 987 crore for the year ended September against a net profit of Rs 848.21 crore last year. Amtek Auto follows October-September financial year.
At 9.30 am, the share price of Amtek Auto was down 2.58 per cent at Rs 41.60. The scrip opened at Rs 41.90 and had touched a high and low of Rs 41.90 and Rs 40.30, respectively, in trade so far. Sensex was up 52.45 points at 26,180.65.
Later, the share price of the company settled 4.22 per cent down at Rs 40.90.
Total income of the company fell to Rs 15,213.4 crore, from Rs 15,706.6 crore a year ago, Amtek Auto said in a BSE filing. For the quarter ended September, it reported a stand-alone net loss of Rs 158.62 crore as against a net profit of Rs 74.37 crore in the same period of the previous fiscal.
Total income has narrowed to Rs 833.8 crore for the quarter under review, from Rs 1,042.1 crore a year earlier.
The Delhi-based company had defaulted on repayment of bonds worth Rs 800 crore in September, thus signaling a crisis. Trouble started after leading fund manager JPMorgan Mutual Fund in August restricted withdrawals from two of its funds – JP Morgan India Treasury Fund and JPMorgan India Short-Term Income Fund, which have a collective exposure of about Rs 200 crore in Amtek Auto.
The bonds matured in September, but Amtek Auto was unable to make repayments to its investors as it was facing a “cash flow mismatch”.
(With inputs from PTI)