NEW DELHI: Shares of Amtek Auto fell over 4 per cent in Tuesday’s trade after the debt-ridden auto component maker said that insolvency proceedings initiated by a consortium of banks led by Corporation Bank has been accepted by the National Company Law Tribunal (NCLT).
Following the development, the stock fell 4.49 per cent to Rs 29.75 on BSE. It opened at Rs 30.90 and touched an intraday high and low of Rs 31.20 and Rs 29.60 respectively, in trade till noon.
In a filing to BSE the company said, “The application filed by Corporation Bank under section 7 of the Insolvency and bankruptcy Code, 2016… before NCLT, Chandigarh has been admitted by the tribunal.”
For the quarter ended June 30th 2017, the company reported widening of s…
Read the full article at: http://economictimes.indiatimes.com/markets/stocks/news/amtek-auto-falls-on-nclts-approval-for-insolvency-proceedings/articleshow/59752375.cms