Gold Silver Reports (GSR) – Indian Bank, Union Bank Classify State Trading Corporation Account As NPA – Indian Bank and Union Bank of India have rendered the accounts of State Trading Corporation (STC) as non-performing asset because of non-payment of interest on loans.
“Due to non-payment of interest of Rs 19.29 crore on bank borrowings, Indian Bank and Union Bank of India have reported STC accounts as NPA on March 1, 2018,” STC said in a filing to the BSE.
As a result, these banks may not sanction further loan to STC, it added.
Read More: Nifty PSU Bank Index Resumes Decline, Falls 2%
“STC is in the process of restructuring of existing debts and necessary action has already been initiated in this regard,” it said.
Read More: BHEL Gains On Rs 11,700 Crore Order Win
Shares of the company had closed at Rs 140.40 apiece on Friday, down 1.61 per cent from its previous close on the BSE. – Neal Bhai Reports (NBR)
