Amtek Auto stock failed to sustain its gains on Wednesday despite the company informing the exchanges that it has sold five per cent stake in its subsidiary, Amtek Ring Gears Ltd, to a foreign investor at Rs 200 per equity share aggregating Rs 20.48 crore.

After hitting a day’s high of Rs 80.50, the stock is currently hovering at Rs 77.1, down 0.26 per cent.

Of late, the company has been paring its stake in its subsidiaries. Earlier, on January 22 also, it had sold five per cent stake in Amtek Crankshafts (India) Ltd to a foreign investor at Rs 300 per equity share aggregating Rs 22.38 crore.

(This article was published on January 30, 2013)
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