Amtek Auto, one of the largest integrated component manufacturers in India, continued to fall sharply on Friday as investors exit the debt-ridden company.

Swiss Finance Corporation (Mauritius) sold 1.24% stake in the company for Rs 98.27 million on Thursday. Swiss Finance sold 2.74 million shares at an average price of Rs 35.88 a share.

On the same day, Barclays Capital Mauritius sold 0.55% stake in the company for Rs 44.38 million. Barclays sold 1.22 million shares at an average price of Rs 36.50 a share.

For the June quarter, the subsidiary companies of Amtek group reported poor revenue growth. Amtek Auto posted a loss after a marginally positive operating profit.

Recently, the stock was removed from the derivatives list. It is surprising that such a move has taken place since the stock has been in the trading ban list for nearly three months on a regular basis.

Also there are rumours of the company being on the verge of default due to its huge debt burden.

Shares of Amtek Auto are trading at Rs 29.05, down Rs 2.5, or 7.92% at the Bombay Stock Exchange (BSE) on Friday at 12:03 p.m.

The scrip has touched an intra-day high of Rs 30.30 and low of Rs 25.60. The total volume of shares traded at the BSE is 5,802,205.