Shares of JP Associates, Uttam Galva, Ruchi Soya and Videocon recovered on Wednesday after falling up to 10% on Tuesday after reports suggest that these companies were among the 40 names that appeared on RBI's second list of loan defaulters.
These companies may also be sent to NCLT if debt issue is not resolved by mid-December and the list is likely to be released in September, the report says.
JP Associates, which slipped nearly 10% post the development, gained over 7%in Wednesday's trade to Rs 22.95, while SEL Manifacturing and Uttam Galva were up over 3%each in the early morning deals. Videocon Industries also recovered 2%. By comparision, the BSE Sensex was up 0.7%.
Meanwhile, shares of Jai Balaji, Orchid Pharma, Unity Infra and Nagarjuna Oil, extended losses and slipped up to 10% on Wednesday. Nagarjuna Oil tumbled over 10% while Jai Balaji, Orchid Pharma and Unity Infra were down in the range of 4-7%.
In another development, the Reserve Bank of India (RBI), sources say, has instructed banks to maintain the December deadline for completing the bankruptcy proceedings on their largest non-performing assets (NPAs), in addition to the 12 named in June and the ones in various stages of similar operations.
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