Stock Market — Stressed power generation companies fell after a court rejected their plea to ease RBI rules on bad loans, clearing the way for lenders to take these assets to bankruptcy courts and raising prospects of loan write-offs.
Bad Loans
Axis Bank Posts First Ever Loss As Bad Loans Pile Up
Gold Silver Reports (GSR) – Axis Bank Posts First Ever Loss As Bad Loans Pile Up — The private lender reported a net loss of Rs 2,188.7 crore in the January-March quarter compared with a profit of Rs 1,225 crore a year ago, according to its exchange filing. Analysts tracked by Bloomberg had estimated a Rs 663 crore profit. The bank also reported tax write-back of Rs 1,300 crore, without which the net loss would have been wider.
CBI Registers Three FIRs In Rs 743 Crore Bad Loans In IDBI Bank
Gold Silver Reports (GSR) – Bad Loans In IDBI Bank — The agency has named three accused persons–BK Sahoo, retired deputy general manager of the bank, R Damodaran, and the then DGM Battu Rama Rao–who are common in all the three First Information Reports.