Banks, NBFCs slip up to 5% after Altico Capital misses interest payment

An interest payment of Rs 19.97 crore was due on September 12, according to a regulatory filing with the BSE.

Shares of banks and non-banking financial companies (NBFCs) dropped up to 5 per cent in the morning deals on Friday, a day after Altico Capital India, a lender to real estate companies, said it has defaulted on interest payments to Mashreq Bank of Dubai. 

An interest payment of Rs 19.97 crore was due on September 12, as per a regulatory filing with the BSE. The gross principal amount for the external commercial borrowing on which Altico Capital has defaulted stands at Rs 340 crore, the filing said. 

Altico further said that its failure to repay the amounts