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Videocon, JP Associates, IVRCL on RBI's 2nd list of loan defaulters: Report

These firms, about 40 of them, will be sent to NCLT if debt issue is not resolved by mid-December

BS Web Team  |  New Delhi 

bad loans, debt, loan, banks, finance

The Reserve Bank of India (RBI) has made a second list of with approximately 40 companies, including Videocon, JP Associates, IVRCL, Castex, Visa Steel and Uttam Galva, on it.

According to TV reports,  these will be sent to if debt issue is not resolved by mid-December and the list is likely to be released in September.

Most of the on the list are from the infrastructure and power sectors, according to an Economic Times report.

Below is the list (source: moneycontrol):

Visa Steel, Ruchi Soya, Unity Infra, SEL Manufacturing, Monnet Power, Orchid Chemicals, Shakti Bhog, Nagarjuna Oil, Jai Balaji Ind, Some Enterprise, Videocon Tele, Essar Projects among others.

Reacting to the development, JP Associates tumbled nearly 10% to Rs 21, while Unity Infra shed 12% to Rs 5 on the BSE. SEL Manufacturing also tanked 14% to Rs 2 on the BSE. Meanwhile, Videocon, Ruchi Soya, Uttam Galva, Visa Steel and Nagarjuna Oil also slipped in the range of 4% to 12%. 

First Published: Tue, August 29 2017. 16:18 IST