India's BGR Energy down after IDBI Bank classifies account as NPA

IDBI Bank

10/01/2024 07:59

** Shares of BGR Energy  BGRE.NS  fall 3.4% to 87.75 rupees 
    ** Construction and engineering firm says IDBI Bank
 IDBI.NS  has classified its account as a non-performing asset
    ** Overall credit exposure of BGRE with IDBI is 3.04 bln
rupees ($36.6 mln)
    ** BGRE has fallen for three straight sessions since Jan. 8
when it said it defaulted on principal payment owed to ICICI
Bank  ICBK.NS , Indian Bank  INBA.NS  and Bank of India  BOI.NS 
    ** Stock lost ~4% in the last three sessions
    ** BGR rose for five straight months until Dec 2023, gained
for third consecutive qtr in the Dec-qtr

($1 = 83.0750 Indian rupees)

 (Reporting by Kashish Tandon in Bengaluru)
 ((kashish.tandon@thomsonreuters.com))