Videocon shares plunge around 5% on CIRP commencement

Mumbai, June 13 (IANS) Videocon Industries' stocks plunged more than 4.90 per cent on Tuesday, a day after it said that "Corporate Insolvency Resolution Process" (CIRP) has been commenced against the company.

According to the BSE data, the company's scrip closed at Rs 7.56 per equity share down Rs 0.39 or 4.91 per cent from its previous close of Rs 7.95.

The company on Monday in a regulatory filing said that the National Company Law Tribunal, Mumbai Bench, has admitted "the reference for initiation of Corporate Insolvency Resolution Process (CIRP) in respect of Videocon Industries...."

In an unrelated development, Videocon Industries denied having made any statements in the NCLT that its financial woos were caused due to policy action such as demonetisation.

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