Shares of
Amtek Auto showed a shade of green for the first time in five days after the management said it would inject 75 crore rupees of equity on its own to partially offset a debt payment mismatch that saw the company's market cap erode as much as 64 percent in August.
Four days on intense selling abated on Amtek Auto and the stock jumped 6.5 percent to 67.85 rupees making it the top gainer on the
Futures and Options segment. A part of this gain could be attributed to short covering as traders buy back futures that they had sold earlier to square off the trade. Amtek's group companies weren't as lucky.
Metalyst Forgings,
Castex Technologies and
JMT Auto all fell between 2.6 percent and 5 percent in Friday's deals.
The Amtek group has been sitting on a debt pile of more than 15,000 crore rupees. Amtek Auto announced a disastrous set of quarterly numbers earlier in August, slipping in the red as sales in major geographies dropped. That prompted fears of a payment crisis on the financial costs side, leading to a sharp sell-off on the stock.
Image credit: Indiatimes
