Friday, Apr 19, 2024 | Last Update : 07:44 AM IST
Videocon shares see massive sell-off; plunge 42 pc
The 3-days decline has wiped out Rs 1,407.43 crore from the company's market valuation.
New Delhi: Free fall in the stock price of Videocon Industries continued today amid reports of loan repayment worries, plunging nearly 42 per cent in the last three trading sessions. The 3-days decline has wiped out Rs 1,407.43 crore from the company's market valuation.
The stock tanked 9.95 per cent on BSE today to Rs 58.35 -- its lowest trading permissible limit for the day and also its 52-week low. On NSE, it dived 9.98 per cent to Rs 59.05.
In a BSE filing yesterday, 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.
