2024-07-17 14:13:48
New Delhi: The National Company Law Tribunal’s (NCLT’s) has declared GVK Power and Infrastructure Limited (GVKPIL) bankrupt. The Hyderabad bench of the tribunal has also initiated the corporate insolvency resolution process against the company. The case is related to default in payment of loan of Rs 18,000 crore. The lending banks include ICICI Bank and many other lenders. GVK Coal Developers (Singapore) Private Limited had taken loan from these banks about a decade ago. GVKPIL was the guarantor in this. NCLT gave this decision while hearing the petition of ICICI. It was issued on July 15. Meanwhile, GVK Power shares touched a lower circuit of 5%. The company’s share came down to Rs 9.64 on BSE. It has fallen by 14.61 percent in the last one month. BSE and NSE have put the company’s shares under long term additional surveillance framework. This has been done to protect investors from heavy fluctuations. The company’s stock is trading below the 5-day, 10-day, 20-day, 30-day, 50-day, 100-day, 150-day and 200-day simple moving averages. Its 14-day relative strength index is 27.42. Its reading below 30 is considered oversold while above 70 is considered overbought.
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share status
The company’s stock has a price-to-equity ratio of 248.65 while its price to book value is 1.83. Its earnings per share (EPS) is 0.04 and return on equity (RoE) is 0.73. The stock has a 52-week high of Rs 17.00 and lowest level of Rs 2.42. In 2022, ICICI Bank approached NCLT to initiate insolvency proceedings against GVKPIL.