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Indian Bank, Union Bank classifies State Trading Corporation account as NPA

Due to non-payment of interest of Rs 192.9 mn on bank borrowings, Indian Bank and Union Bank of India have reported STC accounts as NPA

Press Trust of India  |  New Delhi 

Indian bank, PSB,
Indian bank branch

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

"Due to non-payment of interest of Rs 192.9 crore on borrowings, and have reported STC accounts as NPA on March 1, 2018," STC said in a filing to the

As a result, these may not sanction further loan to STC, it added.

"STC is in the process of restructuring of existing debts and necessary action has already been initiated in this regard," it said.

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

For the quarter ended December 2017, the company's net profit stood at Rs 19.08 crore, while revenue was at Rs 2,236.82 crore.

First Published: Sun, March 11 2018. 14:15 IST