BS READS: A debt-laden gym chain, a tainted auditor, and the missing crores

Even as Talwalkar group firms are defaulting on interest payments, Talwalkars Health Clubs has been pumping money into newly incorporated firms with negligible operational income and no track record

A legacy gym chain brand whose history could be traced back to 1932, Talwalkars has been in the throes of a financial mess and stagnation. From over Rs 1,000 crore at its peak in March 2015, the chain’s market value today has plummeted to a mere Rs 15 crore, with both its group companies defaulting on interest payments since August 2019 and currently trading at under Re 4 per share.

While the Talwalkar group has a debt of over Rs 700 crore from Axis Bank, Indostar Capital has the biggest exposure to its group companies. According to media reports, continuous