Free fall in the stock price of Videocon Industries continued on Wednesday amid reports of loan repayment worries, plunging nearly 42 per cent in the last 3 trading sessions. The 3-day decline has wiped out Rs 1,407.43 crore from the company’s market valuation. The stock tanked 9.95 per cent on BSE on Wednesday to Rs 58.35 its lowest trading permissible limit for the day and also its 52-week low.
On NSE, it dived 9.98 per cent to Rs 59.05. In a BSE filing on Tuesday, the firm said: “We would like to submit that Dena Bank has recently announced that it had classified Videocon’s loan amounting to Rs 520 crore as non performing assets.This has resulted in some negative publicity of the company and, accordingly, impacted its stock price.”