Moneycontrol
Last Updated : Jun 14, 2018 12:36 PM IST | Source: Moneycontrol.com

Punj Lloyd stock slips 11% after ICICI Bank drags company to NCLT

The bank has pleaded to initiate proceedings under the Insolvency & Bankruptcy Code (IBC).

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Punj Lloyd share price fell 11 percent intraday on Thursday after CNBC-TV18 reports said ICICI Bank has dragged the company to National Company Law Tribunal (NCLT).

The bank has pleaded to initiate proceedings under the Insolvency & Bankruptcy Code (IBC).

The NCLT has agreed to hear bank's plea against Punj Lloyd and issued notice related to the matter.

The NCLT will hear bank's plea on July 24.

The country's largest private sector lender has claimed outstanding dues of Rs 852 crore for seeking insolvency proceedings against Punj Lloyd.

At 12:27 hours IST, the stock price was quoting at Rs 15.20, down Rs 1.50, or 8.98 percent amid high volumes on the BSE.
First Published on Jun 14, 2018 12:36 pm
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