Amtek Auto gains post clarification on FCCB issue

The stock moved higher by 7% to Rs 144 on the NSE, erasing its most of the yesterday's losses.

Amtek Auto has moved higher by 7% to Rs 144 on the NSE, erasing its most of the yesterday’s losses, after the company clarified that it has not issued foreign currency convertible bonds (FCCB) of $ 70 million.

On Thursday, the stock dipped 12% after media reports stated that the company facing trouble with $70 million FCCB issue.

However, this statement is factually not correct. The company has been reporting all the significant & material information to the exchanges, Amtek Auto said in a statement.

The stock opened at Rs 137 and hit a low of Rs 136 on the NSE in early morning trade. A combined 5.66 million shares changed hands on the counter on the NSE and BSE till 1512 hours.