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Amtek Auto defaults on Rs 800 crore bond redemption; scrip plunges 20%

By Religare
|

Shares of Amtek Auto tumbled 20 per cent on Bombay Stock Exchange (BSE) amid reports that auto part maker failed to pay Rs 800 crore to investors that matured on Monday.

According to Economic Times report, Amtek Auto is in talks with banks for more than Rs 1,000 crore of loans to repay bond holders, including JPMorgan Mutual Fund which had restricted withdrawals from two of its funds because of the Amtek bond ownership.

 

Weighed down by the development, the shares of the company dropped as much as 20 per cent in intra-day trade to Rs 41.55 apiece on the BSE. Paring some of early losses, stocks of company were currently trading at Rs 46.80 per share, down 9.83 per cent, on BSE.

In a similar trend, shares of the company dipped 9.93 per cent to Rs 46.70 a piece on National Stock Exchange.

Meanwhile, the broader benchmark BSE Sensex was trading at 26,281.38, up 88.4 points, or 0.34 per cent, at 12:00 hours.

Story first published: Tuesday, September 22, 2015, 23:00 [IST]
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