Amtek Auto tumbles 20% on reports of missing Rs 800 crore bond payment deadline

Amtek Auto tumbled 20% in intra-day deals on the Bombay Stock Exchange (BSE) to Rs 41.55 levels on reports that the company has missed payments to the tune of Rs 800 crore on its bonds that matured on Monday.

The stock opened at Rs 46.75 on the BSE and touched an intra-day low of Rs 41.55 before recovering to Rs 46.6 levels around 12 noon.

“The auto component maker which was to redeem the five-year bonds did not make the payments till the end of day, said those people who did not want to be identified. The company is negotiating with banks for more than Rs 1,000 crore of loans to repay bond holders, including JPMorgan Mutual Fund which had restricted withdrawals from two of its funds because of the Amtek bond ownership,” points out an Economic Times report.

Meanwhile, the Exchange has sought clarification from Amtek Auto with reference to the news appeared in Economic Times & ETNOW on September 21, 2015 captioned "Amtek said to be in refinance talks as bond payment deadline expires".