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Videocon woes continue, stock plunges 48% in 4 days

LiveMint logoLiveMint 25-05-2017 PTI

New Delhi: Investors continued to dump shares of Videocon Industries Ltd on reports of loan repayment worries, sending the stock plunging 48% in the last four trading sessions.

The four-day decline has wiped out Rs1,601.42 crore from the company’s market valuation. Shares of the company on Thursday tumbled 9.94% to Rs52.55—its lowest trading permissible limit for the day and also its 52-week low. On the NSE, shares of the company slumped 9.99% to Rs53.15—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 Rs520 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.

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