Reliance Naval dips as IFCI files insolvency case
Shital Jibhe / 30 Nov 2017
The share price of Reliance Naval and Engineering declines over 5 per cent intraday on Thursday as investors turned cautious after Industrial Finance Corporation of India (IFCI) filed an insolvency case against the company in a bid to recover loans.
The share price of Reliance Naval and Engineering declines over 5 per cent intraday on Thursday as investors turned cautious after Industrial Finance Corporation of India (IFCI) filed an insolvency case against the company in a bid to recover loans.
This also resulted in a fall of 1 per cent in the share price of Reliance Infra, which is the parent firm of Reliance Naval.
Earlier, the Indian Navy had called for Request For Information (RFI) from interested parties to supply high-speed landing craft (HSLC) for the Navy, to which Reliance Naval & Engineering along with three other companies responded. Sources aware of the development told that the company had responded with its technical capabilities, product design and execution plan.
At 13:47 hours, the share price of Reliance Naval and Engineering was quoting at Rs. 38.55, down Rs. 1.50, or 3.75 per cent, on the BSE. The share touched an intraday high of Rs. 40.20 and intraday low of Rs. 38 per share.
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