Amtek Auto crashes 35%; m-cap dips 79% in less than a month

Amtek Auto's scrip witnessed severe drubbing today, plunging almost 35 per cent, as concerns related to debt worries continued to haunt investors.
The stock nosedived 34.81 per cent to settle at Rs 31.55 on BSE following heavy selling in the later half of the trade. Intra-day, it slumped 37.6 per cent to Rs 30.20 -- its 52-week low.
At the NSE, shares of the company plunged 34.98 per cent to end at Rs 31.50.
In volume terms, 89.65 lakh shares of the company changed hands at BSE and over four crore shares were traded at the NSE during the day.

The stock crashed nearly 31 per cent on August 19 after the announcement by bourses with regard to exclusion of company's futures and options (F&O) contracts in equity derivatives segment, with effect from October 30.
The stock also lost nearly 29 per cent on August 20.

Shares of the company witnessed downtrend as sentiment has turned bearish after the auto component maker reported a net loss of Rs 157.76 crore for the third quarter ended June 30, last month.
While weak June quarter results and debt worries were haunting investors, the announcement of the stock's exclusion from futures and options segment has also added to the rout.

In a clarification to BSE the company on August 20 said, "There is temporary cash flow mismatch in the company and to mitigate the present situation, promoters have already infused Rs 750 million and if required in future will also infuse more funds. The company is also exploring various means of fund raising."
Since the company announced its quarterly results on August 14, the stock has declined by almost 79 per cent, wiping-out Rs 2,592.9 crore to Rs 695.10 crore from its market valuation.
Promoters hold 48.98 per cent stake in the company, as per the company's June quarter shareholding pattern.

FIIs have trimmed their stake in the company to 18.83 per cent in June quarter from 35.15 per cent in March quarter.
Meanwhile, Amtek Group stocks also faced selling pressure.
Castex Technologies fell by 4.94 per cent, Metalyst Forgings was down 4.95 per cent and JMT Auto slipped 4.98 per cent on BSE. These stocks hit their lower circuit limit.