Stocks of Amtek Auto saw massive selling pressure today, falling 12.5 per cent, amid reports that the company faces trouble with USD 70 million (about over Rs 400 crore) foreign currency convertible bonds issue.
The scrip plunged 12.45 per cent to settle at Rs 133.65 on the BSE. During the day, it tanked 14.96 per cent to Rs 129.80.
At the NSE, shares of the company plummeted 12.47 per cent to Rs 133.60.
Meanwhile, with reference to reports that the company was facing trouble with USD 70 million FCCB issue, Amtek Auto today clarified to BSE, "the company has not issued FCCB of USD 70 million. This statement is factually not correct."
The company has been reporting all significant and material information to the exchanges, it said.
The exchange had sought clarification from Amtek Auto with reference to the FCCB issue.
FCCBs are a special category of bonds. They are issued in currencies different from the issuing company's domestic currency.
