Mumbai: Share prices of most of the companies identified by the Reserve Bank of India (RBI) for bankruptcy proceedings have fallen sharply as banks move closer to trying them at National Company Law Tribunal (NCLT).
For instance, Amtek Auto Ltds share price has fallen 24% since 13 June, the day RBI said its internal advisory committee had identified 12 accounts representing 25% of the gross bad loans in the banking system. The RBI statement was issued post-market hours. In the same period, Alok Industries Ltd and Bhushan Steel Ltd shed around 18% each. Lanco Infratech, which closed at Rs1.7 per share on Tuesday, declined 39%.
Meanwhile, bankers have swung into action and the lead lenders in the consortium have started organizi…
Read the full article at: http://www.livemint.com/Money/3f7h8xqUO7U8Fcnxu9ihEK/Investors-dump-stocks-of-firms-on-RBIs-defaulters-list-on-l.html