Shares of Amtek Auto are the top loser on the National Stock Exchange. Know why
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Shares of Amtek Auto Ltd., an ancillary for vehicle makers, was the top loser on the National Stock Exchange with very heavy volumes as investors exited the company on fears of a debt default.Its group companies Metalyst Forgings and Castex Technologies remained under the bear grip as well.
The Amtek group has been sitting on a debt pile of more than 15,000 crore rupees. Amtek Auto announced a disastrous set of quarterly numbers earlier in August, slipping in the red as sales in major geographies dropped. That prompted fears of a payment crisis on the financial costs side, leading to a sharp sell-off on the stock.
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The management has injected 75 crore rupees of its own funds into Amtek's equity capital, but that hasn't soothed investor nerves.
Image credit: Indiatimes
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