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Power, banking stocks surge as SC quashes RBI order on NPAs

IANS  |  Mumbai 

Power and banking stocks rose after the Supreme Court on Tuesday struck down the Reserve Bank of India's (RBI) February 12, 2018, circular on banks' non-performing assets (NPAs), or bad loans

The RBI circular had directed banks to refer any loan account above Rs 2,000 crore for proceedings under the Insolvency and Bankruptcy Code (IBC) if such an account is not resolved within 180 days of default. Power, sugar and shipping companies challenged the RBI circular which had identified about 30 companies having loans over Rs 2,000 crore that are stressed.

Stocks of Adani Power on the BSE closed at Rs 49.95, higher by Rs 1.40, or 2.88 per cent than its previous close.

Shares of Power Finance Corporation rose by 1.80 per cent, or Rs 2.15, to Rs 121.75 per share.

The BSE Power Index closed 0.72 per cent higher.

Similarly, the BSE Banking Index rose by 0.26 per cent during the day.

The stocks of state-run State Bank of India (SBI) closed at Rs 328.55, higher by Rs 5.75, or 1.78 per cent, over its previous close.

--IANS

rrb/bc

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

First Published: Tue, April 02 2019. 16:34 IST
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