Mumbai: Shares of Amtek Auto shot up nearly 54 percent Friday as promoters infused Rs 75 crore in the company amid regulator Sebi probing alleged rigging of stock of its subsidiary.
Amtek Group company Castex Technologies, which is being probed, continued to face selling pressure. The stocks fell by 4.96 percent.
In a regulatory filing, Amtek said it has allotted 44,37,500 equity shares of face value of Rs 2 each at a premium of Rs 167 aggregating to Rs 74.99 crore to promoters group companies by way of preferential allotment.
Reacting to the news, the company's stock opened on a bullish note at Rs 32.50, then rallied as much as 75 percent to touch an intra-day high of Rs 53.15. At the end of today's trading session the stock was quoted at Rs 46.70, up 53.62 percent on the BSE.
Similar movement was seen on the NSE, where the stock opened at Rs 33, then jumped 80 percent to touch an intra-day high of Rs 54.90. At the end of today's trading the stock was quoted at Rs 45.40, up 48.85 percent on the BSE.
Over the last one month, the Amtek Auto stock witnessed heavy selling pressure and has tumbled over 80 percent.
Amtek Auto stock had crashed 35 percent on September 3 after having crashed nearly 31 percent on August 19 after the announcement by bourses with regard to exclusion of company's futures and options (F&O) contracts in equity derivatives segment, with effect from October 30.
Sebi began a probe into the alleged manipulation of Castex's share price following complaints from some bondholders that they have been forced to convert bonds.
However, other Amtek group companies Metalyst Forgings and JMT Auto ended in the green with gains of 4.90 percent and 4.92 percent respectively on the BSE.
