Mahanagar Telephone Nigam (MTNL) was locked in an lower circuit of 5% to Rs 52.14 after the State Bank of India (SBI) downgraded the company's term loan account to a non-performing asset (NPA) due to non-payment of dues.
Shares of State Bank of India slipped 3.36% to settle at Rs 769.80 on the BSE.The State Bank of India has classified MTNLs term loan agreement as a Non-performing Asset (NPA) due to overdue instalment and interest payments. The total outstanding amount is Rs 325.53 crore, of which Rs 281.62 crore in overdue.
The bank has requested MTNL to pay the overdue amount immediately to regularize the account and avoid a penal interest rate. Additionally, the bank has sought clarification regarding the status of the governments plan to pay MTNL dues and the land monetization plan.
Mahanagar Telephone Nigam is engaged in providing telecom services in the geographical area of Mumbai and Delhi.
The companys consolidated net loss narrowed to Rs 773.46 crore in Q1 FY25 from net loss of Rs 851.93 crore recorded in Q1 FY24. Revenue from operations fell 7.8% YoY to Rs 183.85 in Q1 FY25.
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