India's Videocon Industries hits record low on bankruptcy process

Videocon Industries (India)

12/06/2018 05:45

** Shares of Videocon Industries Ltd  VEDI.NS  hit the lower
limit, falling as much as 5 pct to 7.65 rupees, a record low  
    ** India's bankruptcy court has initiated insolvency 
proceedings against Videocon, the consumer electronics firm said
on Monday https://www.bseindia.com/xml-data/corpfiling/AttachLive/c2cc0f42-0b2d-4e42-969f-04cd4c61fa05.pdf
 
    ** Videocon's total debt stood at 187.45 bln rupees ($2.78
bln) as of Sept. 2017, Thomson Reuters data showed 
    ** The company is also battling allegations that ICICI
Bank's  ICBK.NS  CEO Chanda Kochhar favoured Videocon Group in
its lending practices  urn:newsml:reuters.com:*:nL3N1RD03Z
    ** More than 195,000 shares traded vs. the 30-day moving avg
of 855,901 shares
    ** Up to Monday's close, stock had fallen close to 60 pct
this year

($1 = 67.4800 Indian rupees)

 ((Reuters Messaging:
Jessica.Kuruthukulangara.reuters.com@reuters.net))