Amtek Group shares tank; Amtek Auto plunges over 30%

Castex Technologies, Metalyst Forgings and JMT Auto have locked in lower circuit of 5% with no buyers seen on the counters.

Shares of Amtek Group companies such as Amtek Auto, JMT Auto, Metalyst Forgings and Castex Technologies are reeling under selling pressure, falling by up to 34% in otherwise firm market.

Amtek Auto has tanked 34% to Rs 32.20, extending its 62% fall in past 11 trading sessions after the NSE excluded the futures and options (F&O) contracts of the stock from its equity derivatives segment, from October 30.

The stock is currently trading at its lowest level since February 2001 on the NSE. It plunged 81% in past one month from Rs 171 compared to 8.5% decline in the CNX Nifty.

Amtek Auto on August 20 said that there is temporary cash flow mismatch in the company and to mitigate the present situation, the promoters have already infused Rs 75 crore and if required in future will also infuse more funds. The Company is also exploring various means of fund raising.

As disclosed in the quarterly results of the company for the quarter ended 30th June, 2015, there is decline in the operational performance of the company due to current market scenario which caused decline in the sales and profit margins of the company, it added.

Meanwhile, Castex Technologies (down 5% at Rs 51.95), Metalyst Forgings (5% at Rs 46.05) and JMT Auto (5% at Rs 66.85) have hit their lower circuit with no buyers seen on the counters.

At 02:55 PM, Amtek Auto was down 28% at Rs 34.70 on the NSE. A combined 34.65 million shares representing 16% of total equity of the company changed hands on the counter on the NSE and BSE so far. CNX Nifty was up 1.5% or 112 points at 7,829.