Simbhaoli Sugars hits record low on report of Rs 970 million loan defaults

The stock tanked 20% to Rs 13.50, also its record low on the BSE in intra-day trade, after media report suggested that the CBI filed Rs 970 million loan default case against the company.

Simbhaoli Sugars has tanked 20% to Rs 13.50, also its record low on the BSE in intra-day trade, after media report suggested that the Central Bureau of Investigation (CBI) filed Rs 970 million loan default case against the company.

The CBI on Sunday registered a case on a complaint from Oriental Bank of Commerce (OBC) against a private sugar company based at Simbhaoli in Hapur district of Uttar Pradesh for defaulting loan, ANI report suggested.

The case is registered against the chief managing director (CMD) of the company and others including directors, chief executive Officer (CEO), chief financial