Hudco slides 9% as two borrowing entities default on repayment dues

Last month Moody's Investor Service had downgraded the company's outlook to 'negative' along with 5 other financial companies including State bank of India, HDFC Bank, and Export-Import Bank of India

Shares of housing finance firm Housing and Urban Development Corporation Ltd (Hudco) were under pressure in the early trade, down 8.6 per cent to Rs 36.9 on the BSE on Thursday, after the company said two of its agencies have defaulted on payment worth Rs 87.46 crore, which has been classified as non-prforming asset (NPA).

"Two borrowing agencies of the company have defaulted in repayment of their dues with a defaulted amount of Rs 8,746.06 lakh against the principal outstanding of Rs 86,940.75 lakhs as on date and have been classified as NPAs," it said in a regulatory filing. This would