Videocon loses one-third of market value after stock slump

Lenders sell firm's shares after Dena Bank's NPA tag

The stock of Videocon Industries fell by 34.5 per cent in the last two days as lenders sold shares pledged by its promoters against loans. The shares of the consumer durables and oil major closed at Rs 64.80 apiece on Tuesday, and the company lost Rs 1,200 crore of its market value since Monday after Dena Bank tagged it as a non-performing asset (NPA) a few days ago.

Company officials said the firm had applied to Indian banks to extend the tenure of its debt worth Rs 22,000 crore after it lost a sizeable amount of funds in its telecom venture.