Amtek Auto continues to bleed

Amtek Auto continues to remain in the deep red. In one month, the stock has wiped off a shocking 80% of its stock price. Currently down 4.5%, institutional investors continue to dump the stock. Last week, Goldman Sachs, Barclays and Swiss Finance Corp sold shares and two mutual funds have sold off their entire stake.

There is as such news of the company facing a fund crunch and this just got further reiterated with news floating around that it could default on its Rs.800 crore payment, due on 20^th September on redemption of bonds.

This apart, there is Rs.40 crore debt due for payment on 16^th Oct and another Rs.50 crore due on 4^th November.

LIC is a bog bond holder with an exposure of Rs.530 crore and Axis Bank exposure is at Rs.517 crore.

Amtek Auto’s debt currently is estimated at around Rs.10,000 crore.