Parag Milk hits new low

Parag Milk Foods announced today morning that they have further repaid Rs.12.15 crore (36% of the earlier outstanding loan), and now the outstanding loan amount is only Rs.20.85crore.

The promoters stated that they would repay the entire outstanding loan of Rs.20.85 crore and release entire lot of pledged shares.

On 2nd March, the company had issued a statement saying that it will pay the entire outstanding amount of Rs.33 crore within 90-days to release the pledged from Kotak Mahindra Investments.

The market was in no mood to take in this news positively and the stock price crashed to hit a new low at Rs.51; it has recovered a bit but remains over 5.5% down at Rs.60.