amtek auto share tumbles by 11% on Q3 loss

economic times-hares of auto component maker Amtek Auto tumbled over 11 per cent after the company reported a net loss of Rs 157.76 crore for the quarter ended June 30.
The stock plunged 10.82 per cent to settle at Rs 133.10 on the BSE. During the day, it dipped 14.53 per cent to Rs 127.55 – its 52-week low.

At NSE, the shares of the company ended 11.25 per cent lower at Rs 133.25. The company’s market valuation fell by Rs 355.57 crore to Rs 2,932.43 crore.
The firm had posted a net profit of Rs 86.08 crore in the same period of the previous fiscal, Amtek Auto said in a BSE filing.

Net sales during the period under review stood at Rs 854.22 crore as against Rs 978.8 crore in the year-ago quarter.
The company’s finance cost increased to Rs 236.54 crore in the quarter as compared to Rs 114.73 crore in the same period previous fiscal.

Amtek Auto follows October-September financial year.

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