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Shares of Anil Ambani-led Reliance Naval and Engineering Ltd plunged as IDBI Bank Ltd has moved the National Company Law Tribunal against the company seeking debt resolution under the Insolvency and Bankruptcy Code.
According to a regulatory filihg, IDBI Bank has filed an appeal with the Ahmedabad Bench of NCLT to seek debt arbitration against the shipbuilder. A similar application was filed by another lender, IFCI Ltd, in November, which is pending admission.
The stock fell as much as 4.95 per cent to Rs 15.35, lowest since August 29. Reliance Naval's stock was among the top percentage losers on Nifty 500 index. The stock had fallen 67.24 per cent this year as of last close, compared with Nifty 500 index's 3.4 per cent gain.
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