Winsome loses all glitter
By
Research Desk
about 11 years ago
Winsome Diamonds, formerly known as Su-raj Diamonds is mired in trouble. The stock has once again hit the 105 lower circuit today at Rs.15.15, with over 9500 pending sell orders on the counter. Its 52-week low is at Rs.14.90.
The stock is in deep red given its mounting debt and recovery of dues on export bills. The stock had hit a new low last week after CRISIL downgraded the stock to ‘D’ grade due to default in payments. PNB is stated to have an exposure to the tune of Rs.1800 crore in this company.
International banks have already invoked guarantees, thus it is now a funded exposure for domestic banks. The risk of these loans turning bad is high. Post the guarantee invocation, exposure is to the extent of Rs.4000 crore.