Videocon Industries Hits lower circuit for 14th Consecutive session

Shital Jibhe / 08 Jun 2017

Videocon Industries Hits lower circuit for 14th Consecutive session

Shares of Videocon Industries, hit the lower circuit for the 14th consecutive straight session. During Thursday’s trading session, it hit its lower circuit of 5% or Rs 30.30 per share.

Shares of Videocon Industries, hit the lower circuit for the 14th consecutive straight session. During Thursday’s trading session, it hit its lower circuit of 5% or Rs 30.30 per share. It operates in four segments- consumer electronics and home appliances, crude oil and natural gas, telecommunications and power.

The main reason for the decline was that two lenders declared its account as non-performing assets (NPA).
Two of the highest lending banks to Videocon, Central Bank of India and Dena Bank declared the company as an NPA. Dena Bank also announced that it has classified the company’s loan amounting Rs 520 crore. PNB has also declared it as NPA.

The company has a total of Rs 40,000 crore debt on its balance sheet.