Amtek Auto to sell its UK-based plants to Liberty group

After the insolvency proceedings initiated by a consortium of banks led by Corporation Bank has been accepted by the National Company Law Tribunal (NCLT), the share prices of debt-laden auto-component maker Amtek Auto dropped more than 4% in Tuesday’s trade The company reported widening of standalone loss to Rs 890 crore, hit by exceptional inventory losses, in Q1FY18. 
 
Meanwhile, the company reported on Friday that Amtek Global Technologies, subsidiary of Amtek Auto would sell its UK-based plants to the Liberty group. 
 
Amtek Auto is listed among the 12 accounts identified by the RBI’s internal committee also called the Dirty Dozen, for reference to the National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code (IBC) in FY18. 
 
During Tuesday’s trade, Amtek Auto breached lower circuit of Rs 29.60. The stock also witnessed a spurt in volume by more than 1.46 times. However, it has breached upper circuit Rs 31.15 on Monday.