JSPL defaults and price tanks
By
Research Desk
about 8 years ago
Jindal Steel & Power has defaulted on payment of interest towards 11 of its non-convertible debentures. This was due on 30th Sept and most were carrying a coupon rate of 9.80%.
The company is sitting on a consolidated net debt of Rs.44,000 crore. JSPL had ended Q1FY17 with a net loss of Rs.1082 crore, which has doubled up from Q1FY16 net loss of Rs.542 crore.
This has naturally hurt the stock and it is amongst the top five losers on the BSE, going down over 4% to Rs.79.80. It remains around the same levels even now.