Debt-ladden Amtek Auto finally recoveerd from 6 year lows

Shares of debt-laden Amtek Auto Ltd., an auto ancillary maker, recovered from 6-year lows after the management issued a statement saying it was confident about the company's ability to navigate troubled waters.

Amtek hit a low of 53.50 rupees in trade today, its worst level since February 2009. The stock subsequently recovered to quote at 68.10 rupees, still down 23.6 percent, soon after the statement. The stock had plunged nearly 33 percent yesterday on fears of a potential default on its debt pile of more than 17,000 crore rupees on the group level.

Amtek's subsidiaries remained under the bear grip. Castex Technologies was down 5 percent to 86.65 rupees. Metalyst Forgings lost 9.4 percent to 74.65 rupees and JMT Auto was down 5 percent at 111.95 rupees.

Amtek has seen its market capitalisation plunge 71 percent to to 1,440 crore rupees in the past one year. The maximum damage has happened in the last one week after the company announced a disastrous set of quarterly numbers.

(Image credits: Indiatimes)