Shares of Amtek Auto, Bhushan Steel, Monnet Ispat and Alok Industries tumbled up to 20 per cent today amid reports that these companies figure among the list of troubled accounts named for bankruptcy action.
Amtek Auto's scrip dived 19.97 per cent to close at Rs 23.45 and Bhushan Steel tanked 16.16 per cent to Rs 58.90 on BSE.
Shares of Monnet Ispat crashed 12.37 per cent to Rs 30.10 and Alok Industries plummeted 11.61 per cent to Rs 2.36.
The first set of troubled accounts are Bhushan Steel (Rs 44,478 crore), Essar Steel (Rs 37,284 crore), Bhusan Power and Steel (Rs 37,248 crore), Alok Industries (Rs 22,075 crore), Amtek Auto (Rs 14,074 crore) and Monnet Ispat (Rs 12,115 crore), a banker said.
The banking sector is saddled with NPAs of over Rs 8 lakh crore, of which Rs 6 lakh crore is on the books of public sector banks (PSBs).
The other accounts named for bankruptcy action, according to bankers, include Lanco Infra (Rs 44,364.6 crore), Electrosteel Steels (Rs 10,273.6 crore), Era Infra (Rs 10,065.4 crore), Jaypee Infratech (Rs 9,635 crore), ABG Shipyard (Rs 6,953 crore) and Jyoti Structures with a defaulted loan of Rs 5,165 crore.
Shares of Lanco Infra plunged 20 per cent and Electrosteel Steels lost 4.94 per cent.
ABG Shipyard and Jyoti Structures however, gained 3.62 per cent and 20 per cent, respectively.
Reserve Bank of India last week identified 12 accounts for insolvency proceedings with each of them having over Rs 5,000 crore of outstanding loans, accounting for 25 per cent of total NPAs of banks.
These 12 accounts, having NPAs of about Rs 2 lakh crore, would qualify for immediate reference under the Insolvency and Bankruptcy Code (IBC).
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