Amtek Auto shares tanked as much as 11 per cent on Friday after the company reported net loss of Rs 132.15 crore for the quarter ended December 31, 2015 as compared to net profit of Rs 70.81 crore for the same quarter in the previous year.
At 2.09 pm, shares of Amtek Auto were trading 5.12 per cent down at Rs 27.80. The scrip opened at Rs 29.80 and had touched a high and low of Rs 31.40 and Rs 26.05, respectively, in trade so far. Sensex was up 9.60 points, or 0.04 per cent, at 22,961.43.
The company’s total income has decreased by 23.08 per cent to Rs 860.65 crore for the quarter under review from Rs 1,118.94 crore for the corresponding quarter of the previous year.
The promoters holding in the company stood at 49.99 per cent, while institutions and non-institutions held 14.01 per cent and 36 per cent respectively.
Amtek Auto manufactures components such as connecting rod assemblies, flywheel ring gears and assembly, steering knuckles, suspension and steering srms, CV joints, crankshaft assemblies and torque links. It is backed by in-house design and development facilities engaged in developing new product and processes.