Videocon continues to slide for fourth day
Shares of the company today tumbled 9.94 per cent to Rs 52.55.
New Delhi: Investors continued to dump shares of Videocon Industries on reports of loan repayment worries, sending the stock plunging 48 per cent in last four trading sessions.
The four-day decline has wiped out Rs 1,601.42 crore from the company's market valuation. Shares of the company today tumbled 9.94 per cent to Rs 52.55 -- its lowest trading permissible limit for the day and also its 52-week low.
On NSE, shares of the company slumped 9.99 per cent to Rs 53.15 -- its lower circuit limit. In a BSE filing on Tuesday, the company said: "We would like to submit that Dena Bank has recently announced that it had classified Videocon's loan amounting to Rs 520 crore as non performing assets.
"This has resulted in some negative publicity of the company and, accordingly, impacted its stock price. We believe that the recent crash on the stock price of the company could be due to the said classification of Videocon's loan as NPA by Dena Bank." Videocon said it was not aware of any other information which could explain the movement in the trading, it added.