Amtek Auto Ltd.'s debt issues reflected at the markets today

Debt-laden Amtek Auto Ltd., which recently reported a tepid set of quarterly earnings, lost nearly a third of its market capitalisation on reasons that weren't immediately clear. Group companies Metalyst Auto and JMT Auto, too, plunged in trade.

Futures of Amtek, whose debt exceeds 17,000 crore rupees, plunged 44.80 rupees, or 35 percent, to 83.30 rupees on the National Stock Exchange.

Recently, Amtek said it had a loss of 236.5 crore rupees in its third quarter compared with a profit of 114.7 crore rupees in the same period a year ago. Sales during April-June fell 18 percent to 866.3 crore rupees compared with 1064.4 crore rupees. Amtek added its financing costs nearly doubled to 157.6 crore rupees versus 86.1 crore rupees.

Group companies Metalyst Forgings dropped 10 percent to 81.20 rupees and JMT Auto lost 5 percent to 116.95 rupees.

(Image credits: Indiatimes)