India's MTNL drops as it defaults on payments to several banks

Mahanagar Telephone Nigam

17/03/2025 07:12

** Shares of Mahanagar Telephone Nigam MTNL.NS slump 7.7% to 45.14 rupees

** Telecom co said it has defaulted on payments to seven banks including Union Bank of India UNBK.NS, State Bank of India SBI.NS and Punjab National Bank PNBK.NS

** Its current total principal default amount to the banks stands at 77.94 bln rupees ($898 mln), overdue interest stands at 4.83 bln rupees

** Stock snaps two straight sessions of gains; eyes worst day in over five weeks

** MTNL gained 14.9% last week, it is down ~3% YTD

($1 = 86.7920 Indian rupees)

 (Reporting by Manvi Pant in Bengaluru)

 ((Manvi.Pant@thomsonreuters.com; +918447554364;))