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Videocon shares crumble 53 per cent in a week
Shares of Videocon Industries continued to remain under pressure, plunging almost 53 per cent in five trading sessions amid reports of loan repayment worries.
New Delhi: Shares of Videocon Industries continued to remain under pressure, plunging almost 53 per cent in five trading sessions amid reports of loan repayment worries.
The five-day decline has eroded Rs 1,777 crore from the company's market valuation which stands at Rs 1,581.99 crore.
The company's scrip tanked 9.99 per cent to Rs 47.30 -- its lowest trading permissible limit for the day and also its its 52-week low -- on BSE.
On NSE, shares of the company dived 9.97 per cent to Rs 47.85 -- 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.
