Amtek Auto stock hits 5% upper circuit@Highlight Research
Shares of Amtek Auto were locked at the 5% upper circuit on reports that US-based metals group Liberty House and hedge fund Deccan Value Investors have emerged as the top contenders to acquire the debt-laden company.
As per reports, a committee of creditors will be meeting next week to evaluate the two bids.
In July, the Reserve Bank of India had identified Amtek Auto for bankruptcy proceedings. The company had reported a consolidated loss of Rs25.3 bn for the fiscal ended March.
The stock has declined in the last three sessions and lost over 5% during the period.
The stock is currently trading at Rs29.4, up by Rs1.4 or 5% from its previous closing of Rs28 on the BSE. The scrip opened at Rs28 and has touched a high and low of Rs29.4 and Rs28, respectively.
As per reports, a committee of creditors will be meeting next week to evaluate the two bids.
In July, the Reserve Bank of India had identified Amtek Auto for bankruptcy proceedings. The company had reported a consolidated loss of Rs25.3 bn for the fiscal ended March.
The stock has declined in the last three sessions and lost over 5% during the period.
The stock is currently trading at Rs29.4, up by Rs1.4 or 5% from its previous closing of Rs28 on the BSE. The scrip opened at Rs28 and has touched a high and low of Rs29.4 and Rs28, respectively.
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