Shares of Videocon Industries Ltd hit the lower limit, falling as much as 5 per cent to Rs 7.65, a record low. The bankruptcy court has initiated insolvency proceedings against Videocon, the consumer electronics firm said on Monday.
Videocon's total debt stood at Rs 18,745 crore ($2.78 bln) as of September 2017, Thomson Reuters data showed. The company is also battling allegations that ICICI Bank's CEO Chanda Kochhar favoured Videocon Group in its lending practices. More than 195,000 shares traded vs. the 30-day moving avg of 855,901 shares. Up to Monday's close, stock had fallen close to 60 per cent this year.