Sell-off in Amtek Auto counter; stock down 11%

Amtek Auto shares continue to witness selling pressure and settled for the day down 11 per cent to close at Rs 29.10, as concerns related to debt worries haunted investors.

The stock on Monday fell 11.15 per cent to settle at Rs 29.10 on BSE, following heavy selling during the day. Intra-day it had slumped 14.80 per cent to Rs 27.90. On the National Stock Exchange, the stock fell 11.28 per cent to end at Rs 29.10.

Over the past one month, the stock has tumbled as much as 82.49 per cent, while for the 30-share index the loss was 11.83 per cent only during the said period.

The stock had crashed 35 per cent on September 3 and nearly 31 per cent on August 19, after the announcement by bourses with regard to exclusion of the company’s futures and options (F&O) contracts in the equity derivatives segment, with effect from October 30.

Shares of the company witnessed a downtrend as sentiment has turned bearish after the auto component maker reported a net loss of Rs 157.76 crore for the  quarter ended June 30, last month. More, foreign institutional investors have also trimmed their stake in the company to 18.83 per cent in the June quarter from 35.15 per cent in the March quarter.

Meanwhile, Amtek Group stocks also faced selling pressure.

Stocks of group companies like Castex Technologies fell by 4.96 per cent, Metalyst Forgings went down 4.91 per cent and JMT Auto slipped 4.96 per cent on BSE.