 "United Breweries (Holdings) dips after Punjab National Bank declares it wilful defaulter")
United Breweries (Holdings) dipped 10% to Rs 20.50 on the BSE after the company said that Punjab National Bank has declared the company as a “wilful defaulter”.
“Punjab National Bank vide its letter dated February 11, 2016, received by the Company on February 15, 2016, has declared the Company as a ‘Wilful Defaulter’,” United Breweries (Holdings) said in a statement.
“The company is in consultation with its legal counsels to challenge the decision by taking appropriate legal action that may be required in this regard,” it added.
Earlier, in November last year, State Bank of India (SBI) had declared industrialist Vijay Mallya a 'wilful defaulter' for defaults on nearly Rs 7,000 crore loans to the long-grounded Kingfisher Airlines. CLICK HERE TO READ FULL STORY.
At 10:49 AM, the stock was down 7.7% at Rs 20.95 on the BSE. A combined 396,161 shares changed hands on the counter on the BSE and NSE.
Meanwhile, United Breweries (down 6% at Rs 756) and United Spirits (down 4% at Rs 2,273) have touched their respective 52-week lows on the BSE in intra-day trade.
Currently, United Breweries and United Spirits were down by 2% each at Rs 784 and Rs 2,328 respectively.
“Punjab National Bank vide its letter dated February 11, 2016, received by the Company on February 15, 2016, has declared the Company as a ‘Wilful Defaulter’,” United Breweries (Holdings) said in a statement.
“The company is in consultation with its legal counsels to challenge the decision by taking appropriate legal action that may be required in this regard,” it added.
Earlier, in November last year, State Bank of India (SBI) had declared industrialist Vijay Mallya a 'wilful defaulter' for defaults on nearly Rs 7,000 crore loans to the long-grounded Kingfisher Airlines. CLICK HERE TO READ FULL STORY.
At 10:49 AM, the stock was down 7.7% at Rs 20.95 on the BSE. A combined 396,161 shares changed hands on the counter on the BSE and NSE.
Meanwhile, United Breweries (down 6% at Rs 756) and United Spirits (down 4% at Rs 2,273) have touched their respective 52-week lows on the BSE in intra-day trade.
Currently, United Breweries and United Spirits were down by 2% each at Rs 784 and Rs 2,328 respectively.