Amtek Auto hits 52-week low on weak Q1 results

The stock dipped 2% at Rs 130, extending its previous day's 11% fall on the BSE.

Amtek Auto has dipped 2% at Rs 130, extending its previous day’s 11% fall on the BSE, after the company reported a net loss of Rs 158 crore for the quarter ended June 30, 2015 (Q1), due to lower sales and higher raw material cost.

The auto parts & equipment makers had posted a profit of Rs 86 crore in the same quarter a year ago.

Net sales of the company declined 12.7% at Rs 854 crore in the June quarter against Rs 979 crore in the corresponding quarter of previous fiscal.

Raw material costs in the quarter under review increased by 34.6% at Rs 840 crore, while finance costs more-than-doubled to Rs 237 crore from Rs 115 crore in the previous year's quarter.

The stock hit a 52-week low of Rs 127 on the BSE in early morning trades. A combined 1.34 million shares changed hands on the counter on the BSE and NSE.