Amtek Auto shares tank 6.5% on weak June quarter earnings

Shares of auto components maker Amtek Auto on Wednesday plunged almost 6.5 per cent after it reported a net loss of Rs 319.68 crore for the quarter ended June 30, 2016, hit by decline in sales.

The scrip tanked 6.46 per cent to Rs 41.25 on BSE.

At NSE, shares of the company dropped 6.46 per cent to Rs 41.20.

Later, the stock made some recovery and was trading 1.81 per cent lower at Rs 43.30 on BSE.

The company had reported a net loss of Rs 157.6 crore during the same period of previous fiscal.

Net sales of the company also declined to Rs 539.83 crore for the June quarter as against Rs 854.22 crore in the same period of the previous fiscal, Amtek Auto said in a regulatory filing.
 

In the stock market, the Sensex was trading flat at 28,358.46, up 4.92 points at 1240 hrs.