Amtek Auto shares nosedive 35% to hit lowest since 2001

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Updated: September 3, 2015 5:53:49 PM

Share price of Amtek Auto slumped 35 per cent to Rs 31.55 on Thursday and hit its lowest intraday level since February 2001.

Amtek Auto sharesAmtek Auto shares declined 86.84 per cent in the past one year till September 3.

Share price of Amtek Auto slumped 35 per cent to Rs 31.55 on Thursday and hit its lowest intraday level since February 2001.

The scrip declined 86.84 per cent in the past one year till September 3. Amtek Auto had registered four daily falls of over 25 per cent in the past month month.

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Group company Castex Technologies has been hitting daily lower limit in each session since July 13. During July 10 and September 3, the share price of Castex Technologies declined around 85 per cent to Rs 51.95. It was at Rs 344.80 on July 10, 2015.

Stocks in pressure on continued worries over reports of liquidity issues at the company.

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

In a BSE filing on August 20, the company said, “There is temporary cash flow mismatch in the Company and to mitigate the present situation, the promoters have already infused Rs 750 million and if required in future will also infuse more funds. The company is also exploring various means of fund raising. The management of Amtek remains confident in the Company’s abilities to capitalise on opportunities arising out of a stronger recovery in the Indian automobile industry over the quarters to come. The management re-iterates that the long term fundamentals of the Company remain strong.”

The National Stock Exchange (NSE) has decided on Tuesday to remove Amtek stock from F&O segment with effect from October 30, 2015.

(With inputs from Reuters)

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