SBI files insolvency plea against Simplex share huge crash 14 percent today – Business News India
read on the appState Bank of India (SBI) has filed an insolvency petition against Engineering, Procurement and Construction (EPC) company Simplex Infrastructure. This petition has
been filed in the National Company Law Tribunal (NCLT). SBI has taken this decision to recover its dues. ₹9600 crore outstandingSimplex Infrastructure owes a total of ₹9600
crore to lenders led by Punjab National Bank (PNB) and is one of the biggest accounts to be taken to the bankruptcy courts in recent times. However, bankers are not very
enthusiastic about the possibility of recovery from the account. However, the NCLT is likely to hear the plea later this month. This stock fell 84% to Rs 17, investors are in a
rush to sell the stock
Shares fell 14%Amidst this news, the shares of Simplex Infrastructure fell by 14 percent on Thursday, the fourth trading day of the week. The
stock came down to the level of Rs 36 during trading. The closing of this stock fell 12.25% to Rs 37.60 on BSE. Its market capital is Rs 214.80 crore. The stock of the company
making slippers is falling every day, experts are bullish, said- buy
December quarter resultsSimplex Infrastructure reported a net loss of Rs 137.28 crore for the
quarter ended December 2022, as against a net loss of Rs 148.32 crore during the previous quarter ended December 2021. Sales for the quarter ending December 2022 declined by 13.23%
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