Stocks

Reliance Capital shares fall 3.5 per cent

PTI New Delhi | Updated on November 27, 2019 Published on November 27, 2019

Reliance Capital  shares on Wednesday fell 3.5 per cent after the company said it has defaulted on payments obligations on bonds and interest generated towards the same.  The scrip fell 3.54 per cent to close at Rs 15 on the BSE. During the trade, it dropped 4.50 per cent to Rs 14.85.

 At the NSE, it went lower by 2.57 per cent to close the day at Rs 15.15.

 In volume terms, 7.36 lakh shares of the firm were traded on the BSE and over 62 lakh shares on the NSE during the day.

 In a disclosure to stock exchanges regarding payment of interest and principal on non-convertible debentures, it said the rating downgrade by CARE in September prompted many lenders to demand immediate payment for various facilities.

 It also triggered consequential demands for immediate payment of amounts that were otherwise due and payable in a phased manner over the next eight years till March 2028, as per the original terms of lending.

 “It is expected that the debt servicing of the company in relation to the accelerated amounts and otherwise will be delayed.  “Accordingly, as regards the non-convertible debentures ...the interest/principal obligations due on November 25, 2019 and November 26, 2019 are also delayed,” it said in the filing.

Published on November 27, 2019
  1. Comments will be moderated by The Hindu Business Line editorial team.
  2. Comments that are abusive, personal, incendiary or irrelevant cannot be published.
  3. Please write complete sentences. Do not type comments in all capital letters, or in all lower case letters, or using abbreviated text. (example: u cannot substitute for you, d is not 'the', n is not 'and').
  4. We may remove hyperlinks within comments.
  5. Please use a genuine email ID and provide your name, to avoid rejection.