Jitendra Kumar Gupta
Moneycontrol Research
On Monday, Inox Wind lost Rs 141 crore in market capitalisation following a claim made by one of its creditors for a sum of Rs 57 lakh. While the damage is already done, the magnitude and implications are little understood.
To put it in perspective, Jeena & Company, the creditor in question, filed a case against Inox at the National Company Law Tribunal for dues outstanding of Rs 57 lakh. It is too small an amount for Inox which is sitting on cash of close to Rs 750 crore. Moreover, the company with a net worth of close to Rs 2200 crore and debt-to-equity of mere 0.8 times, is quite comfortably placed to service its debt. Its interest coverage ratio in the year FY17 stood at about …
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