Videocon Industries was locked at 20% lower circuit at Rs 64.80 at 14:15 IST on BSE after hitting 20% lower circuit in the previous session on worries over high debt.
The stock has dropped 35.49% in two sessions to its ruling price of Rs 64.80 from a close of Rs 100.45 on 19 May 2017.
Meanwhile, the S&P BSE Sensex was down 71.74 points, or 0.25%, to 30,495.49. The S&P BSE Small-Cap index was down 314.33 points, or 2.09%, to 14,739.81.
High volumes were witnessed on the counter. On the BSE, 1.31 lakh shares were traded in the counter so far, compared with an average volume of 30,163 shares in the past one quarter.
The stock was locked at a low of Rs 64.80 so far during the day, which is also a 52-week low for the stock. The stock had hit a 52-week high of Rs 114.90 on 6 October 2016.
The stock had underperformed the market over the past one month till 22 May 2017, falling 21.85% compared with the Sensex's 4.11% rise. The scrip had also underperformed the market in past one quarter, dropping 21.63% as against the Sensex's 5.91% rise.
More From This Section
The small-cap company has an equity capital of Rs 334.46 crore. Face value per share is Rs 10.
Of late, Dena Bank has become the first lender to classify Videocon Industries as a bad loan in its Q4 results, potentially opening a can of worms for the rest of the banking sector, which is already plagued by rising stressed assets, report said.
Videocon was a potential non-performing asset (NPA) candidate as per the buzz. Now with Dena Bank biting the bullet, other public and private sector lenders may also have to follow suit creating a crater in some bank books, report added.
As of December 2015, the company had a consolidated total debt of Rs 47553.97 crore.
The company will announce its Q1 results on Friday, 26 May 2017.
Videocon Industries reported net loss of Rs 509.78 crore in Q4 December 2016 compared with net loss of Rs 84.42 crore in Q4 December 2015. Net sales fell 32.6% to Rs 2079.43 crore in Q4 December 2016 over Q4 December 2015.
Videocon Industries operates in four segments: consumer electronics and home appliances, crude oil and natural gas, telecommunications and power.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content