Investors continued to dump shares of Videocon Industries on reports of loan repayment worries, sending the stock plunging 48 per cent in last four trading sessions.
The four-ay decline has wiped out Rs 1,601.42 crore from the company’s market valuation.
Shares of the company today tumbled 9.94 per cent to Rs 52.55 —— its lowest trading permissible limit for the day and also its 52—week low.
On NSE, shares of the company slumped 9.99 per cent to Rs 53.15 —— its lower circuit limit.
In a BSE filing on Tuesday, the company said: “We would like to submit that Dena Bank has recently announced that it had classified Videocon’s loan amounting to Rs 520 crore as non performing assets.
“This has resulted in some negative publicity of the company and, accordingly, impacted its stock price. We believe that the recent crash on the stock price of the company could be due to the said classification of Videocon’s loan as NPA by Dena Bank.”
Videocon said it was not aware of any other information which could explain the movement in the trading, it added.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.