Bajaj Hindusthan Sugar falls most in over a year, lender starts insolvency process

Bajaj Hindusthan Sugar

17/08/2022 06:17

** Shares of Bajaj Hindusthan Sugar  BJHN.NS  plunge as much
as 17.7% to 8.35 rupees - their lowest since May 3, 2021
    ** BJHN also posts biggest intraday pct loss since Dec. 21,
2020, and is down for a second straight session
    ** The sugar manufacturer said late on Tuesday creditor
State Bank of India has initiated insolvency resolution process
against co before the National Company Law Tribunal (NCLT) that
handles corporate insolvency cases (https://bit.ly/3AoHzgX)
    ** BJHN owes banks 47.71 bln rupees ($601.34 mln) and has
availed itself of two debt-restructuring schemes, leading to
steep haircuts taken by the lenders, according to a media report
(https://bit.ly/3K1PqUN)
    ** Last month, India markets regulator imposed penalty of 1
mln rupees on co for not disclosing closure orders on certain
distilleries and imposition of penalty by the Central Pollution
Control Board. (https://bit.ly/3pnzXEW)
    ** More than 53.4 mln shares traded by 0414 GMT, 6.3 times
their 30-day avg of over 8.5 mln shares 
    ** Up to last close, stock had fallen 33% this year 

($1 = 79.3400 Indian rupees)

 (Reporting by Rama Venkat in Bengaluru)
 ((ramavenkat.raman@thomsonreuters.com; https://twitter.com/ramavenkat0607;))