Morepen Labs, TCI Finance fall 2-4% on payment default

Shares of Morepen Laboratories fell 2 percent and TCI Finance dipped 4 percent intraday on January 7 after both defaulted on principal and interest payment.

TCI Finance in its BSE filing on January 6 said it defaulted in payment of principal amount Rs 25.40 lakh and interest thereon amounting to Rs 35.5 lakh on term loan taken from HDFC.

The total defaulted amount for November and December 2019 stood at Rs 60.8 lakh. The company had received term loan at a rate of 14.35 percent per annum and it is a secured term loan.

Total amount of outstanding borrowings from banks/financial institutions stood at Rs 15.134 crore, the company said, adding total financial indebtedness of the listed entity including short-term and long term debt stood at Rs 34.844 crore.

Meanwhile, Morepen Laboratories also defaulted in payment of interest and principal of compulsory redeemable preference shares worth Rs 33.4 crore to banks.

Total financial indebtedness of the listed entity including short-term and long-term debt stood at Rs 33.69 crore, company said in a BSE filing.

TCI Finance was quoting at Rs 8.64, down Rs 0.36, or 4.00 percent and Morepen Laboratories was quoting at Rs 15.70, down Rs 0.15, or 0.95 percent on the BSE at the time of publishing this copy.