Videocon shares see massive sell-off; plunge 42% in 3 days

Image
Press Trust of India New Delhi
Last Updated : May 24 2017 | 6:13 PM IST
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.

Disclaimer: No Business Standard Journalist was involved in creation of this content

*Subscribe to Business Standard digital and get complimentary access to The New York Times

Smart Quarterly

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Exclusive premium stories online

  • Over 30 premium stories daily, handpicked by our editors

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

First Published: May 24 2017 | 6:13 PM IST

Next Story