 "Amtek Auto tanks over 50% in two days; hits six-year low")
Shares of Amtek Auto continue to be under pressure, declining by more than 50% in the past two trading sessions after the National Stock Exchange (NSE) on Tuesday announced exclusion of company’s contracts from the futures and options (F&O) segment with effect from October 30.
The stock plunged by 40% to Rs 53.50 in intra-day trades today, extending yesterday’s 30% decline on the NSE. It has tanked by 58% in the past two trading sessions, from Rs 128 on August 18.
On the BSE, the stock has tanked by 43% to Rs 50.70 in intra-day trades, its lowest level since February 2009; the stock had declined by 31% in the previous session.
The NSE had said, in a circular dated August 18, 2015, that no contracts shall be available for trading in Amtek Auto with effect from October 30, 2015.
Meanwhile, in the past four trading sessions, shares of the auto parts and equipment maker crashed by 64% or Rs 96.65 from Rs 150 on August 14 after the company reported a weak set of numbers for the first quarter ended June 30, 2015 (Q1FY16).
The company had posted a huge net loss of Rs 158 crore for Q1FY16 mainly on account of higher finance costs and lower sales. It had reported a profit of Rs 86 crore in the same quarter last fiscal and Rs 130 crore in the March 2015 quarter.
The company's finance costs in June quarter more than doubled from Rs 115 crore to Rs 236 crore. Net sales declined by 12.8% at Rs 854 crore over the previous year.
At 10:08, the stock was down 29% at Rs 63.30 on the NSE and BSE. The counter has seen huge trading volumes, with a combined 34.61 million shares representing 15.7% of total equity of Amtek Auto, changing hands on the NSE and BSE so far.
The stock plunged by 40% to Rs 53.50 in intra-day trades today, extending yesterday’s 30% decline on the NSE. It has tanked by 58% in the past two trading sessions, from Rs 128 on August 18.
On the BSE, the stock has tanked by 43% to Rs 50.70 in intra-day trades, its lowest level since February 2009; the stock had declined by 31% in the previous session.
The NSE had said, in a circular dated August 18, 2015, that no contracts shall be available for trading in Amtek Auto with effect from October 30, 2015.
Meanwhile, in the past four trading sessions, shares of the auto parts and equipment maker crashed by 64% or Rs 96.65 from Rs 150 on August 14 after the company reported a weak set of numbers for the first quarter ended June 30, 2015 (Q1FY16).
The company had posted a huge net loss of Rs 158 crore for Q1FY16 mainly on account of higher finance costs and lower sales. It had reported a profit of Rs 86 crore in the same quarter last fiscal and Rs 130 crore in the March 2015 quarter.
The company's finance costs in June quarter more than doubled from Rs 115 crore to Rs 236 crore. Net sales declined by 12.8% at Rs 854 crore over the previous year.
At 10:08, the stock was down 29% at Rs 63.30 on the NSE and BSE. The counter has seen huge trading volumes, with a combined 34.61 million shares representing 15.7% of total equity of Amtek Auto, changing hands on the NSE and BSE so far.