A single account, belonging to Paramount Airlines, has been responsible for an unprecedented rise in Bank of India’s rise in non-performing assets (NPAs), CNBC-TV18 reports quoting sources.
The account belongs to Paramount Airlines and the bank has over Rs 200 crore of exposure to the carrier, which has been unable to pay interest for over two quarters now, it is learnt.
Bank of India, which has already classified its exposure to Paramount Airlines as an NPA, is contemplating legal action against the company and has got approval from its board.
When contacted, there was no response from either Bank of India or Paramount Airlines on the issue.
Bank of India stock price
On November 24, 2015, Bank Of India closed at Rs 124.50, down Rs 3.85, or 3 percent. The 52-week high of the share was Rs 311.75 and the 52-week low was Rs 124.20.
The latest book value of the company is Rs 398.33 per share. At current value, the price-to-book value of the company was 0.31.
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