BT Online Last Updated: May 25, 2017 | 16:05 IST
The Videocon Industries stock is reeling under a downturn after Central Bank of India too declared its loan exposure to the Mumbai-based firm as a non-performing asset (NPA).
Videocon Industries has a loan of Rs 2,700 crore from Central Bank of India.
Also read: Why Videocon Industries stock fell 42% in three days
Other banks are likely to follow suit and declare the account as NPA or a bad loan. At 10:29 am, the stock was locked in the lower circuit of Rs 52.55, down 9.94 percent on the back of negative news flow. It closed at same level later in the day.
Central Bank is the second lender to term its loan account with Videocon Industries as NPA. Recently, Dena Bank classified Videocon's loan of Rs 520 crore as a non-performing asset.
On December 2015, the Videocon Industries had a total debt of Rs 47,554 crore. The firm will announce its earnings for Q4 on May 26, 2017. The stock has lost over 45 percent in the last four trading days. It opened at 52.55 level today.
