Amtek Auto rebounds on short covering

The stock has rebounded after plunging over 50% in the previous two sessions

Shares of Amtek Auto were up 6% at Rs 67.60 on the Bombay Stock Exchange on short covering at lower levels after the stock plunged over 50% in the previous two sessions.

The stock had crashed after the National Stock Exchange excluded the stock from the F&O segment while concerns over debt payment and weak performance in the April-June quarter also dampened sentiment.

Meanwhile, the company's strategy of expanding in an inorganic manner has resulted in a huge debt burden without the acquisition financially benefitting the company.

The stock opened at Rs 61 and touched a high of Rs 73. At 12:05PM, over 16.5 million shares were traded on the stock exchanges so far.