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Sintex Industries slumps after debt default

Capital Market 

fell 9.94% to Rs 4.26 at 9:36 IST on BSE after the company said it has defaulted in payment of interest/ principal amount on secured Non-Convertible Debentures.

The announcement was made after market hours yesterday, 12 June 2019.

Meanwhile, S&P was down 116.70 points or 0.29 % at 39,640.11.

On BSE, 1.31 lakh shares were traded in counter, compared to a 2-week average of 3.74 lakh shares. The share price hit an intraday high of Rs 4.27. The stock hit a 52-week low of Rs 4.26 in intraday trade today, 13 June 2019. It hit a 52-week high of Rs 17.40 on 15 June 2018.

has defaulted on the payment of interest/ principal amount on secured Non-Convertible Debentures (NCDs). On 11 June 2019, the current default amount on interest stood at Rs 3.03 crore and principal amount at Rs 85.84 crore on 10.70% secured NCDs for a tenure of 7 years.

Sintex Industries' consolidated net loss has increased to Rs 91.27 crore from a net profit of Rs 57.42 crore on a 4.2 % decrease in consolidated net sales to Rs 591.54 crore in Q4 March 2019 over Q4 March 2018.

Sintex Industries is primarily engaged in the business of manufacture and sale of yarn and structured fabrics.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, June 13 2019. 09:40 IST