New Delhi, Jun 19 (PTI) Shares of Amtek Auto, Bhushan
Steel, Monnet Ispat and Alok Industries tumbled up to 20 per
cent today amid reports that these companies figure among the
list of troubled accounts named for bankruptcy action.
Amtek Auto’s scrip dived 19.97 per cent to close at Rs
23.45 and Bhushan Steel tanked 16.16 per cent to Rs 58.90 on
Shares of Monnet Ispat crashed 12.37 per cent to Rs 30.10
and Alok Industries plummeted 11.61 per cent to Rs 2.36.
The first set of troubled accounts are Bhushan Steel
(Rs 44,478 crore), Essar Steel (Rs 37,284 crore), Bhusan
Power and Steel (Rs 37,248 crore), Alok Industries (Rs 22,075
crore), Amtek Auto (Rs 14,074 crore) and Monnet Ispat (Rs
12,115 crore), a banker said.
The banking sector is saddled with NPAs of over Rs 8 lakh
crore, of which Rs 6 lakh crore is on the books of public
sector banks (PSBs).
The other accounts named for bankruptcy action, according
to bankers, include Lanco Infra (Rs 44,364.6 crore),
Electrosteel Steels (Rs 10,273.6 crore), Era Infra (Rs
10,065.4 crore), Jaypee Infratech (Rs 9,635 crore), ABG
Shipyard (Rs 6,953 crore) and Jyoti Structures with a
defaulted loan of Rs 5,165 crore.
Shares of Lanco Infra plunged 20 per cent and
Electrosteel Steels lost 4.94 per cent.
ABG Shipyard and Jyoti Structures however, gained 3.62
per cent and 20 per cent, respectively.
Reserve Bank of India last week identified 12 accounts
for insolvency proceedings with each of them having over Rs
5,000 crore of outstanding loans, accounting for 25 per cent
of total NPAs of banks.
These 12 accounts, having NPAs of about Rs 2 lakh crore,
would qualify for immediate reference under the Insolvency and
Bankruptcy Code (IBC).
This is published unedited from the PTI feed.