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Indian Bank, UBI classify STC account as NPA over non-payment of interest

Shares of the firm had closed at Rs 140.40 apiece on Friday, down 1.61 per cent from its previous close on the BSE

PTI 

Union Bank of India
Union Bank of India

and of India have rendered the accounts of (STC) as because of non-payment of interest on loans.

“Due to non-payment of interest of Rs 192.9 million on bank borrowings, and of India have reported accounts as NPA on March 1, 2018,” said in a filing to the BSE. As a result, these may not sanction further loan to STC, it added.

is in the process of restructuring of existing debts and necessary action has already been initiated in this regard,” it said. Shares of the firm had closed at Rs 140.40 apiece on Friday, down 1.61 per cent from its previous close on the BSE.

For the quarter ended December 2017, the company’s net profit stood at Rs 190.8 million, while revenue was at Rs 22.4 billion.

First Published: Mon, March 12 2018. 01:23 IST
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