The Reserve Bank of India (RBI) has identified 12 non-performing assets (NPAs) worth 25% of the country’s gross NPAs which can be instantly taken up for insolvency.
However, RBI has not revealed the named of these 12 accounts, but the leading research agencies have listed out some defaulters who may be referred to Insolvency and Bankruptcy Code (IBC) by the RBI. Many of them are from the metal sector.
Metal sector companies being capital intensive, require huge debt for their operations.
Bhushan Steel is the top borrower in this list with gross borrowing at Rs 44,885 crore in FY16. Other metal companies like Electrosteel Steels, Alok Industries, Lanco Infratech and Monnet Ispat are also on the list.
Nifty Metal index is the top loser among the sectoral indices on NSE trading at 2,937 level down by 0.9%. Bhushan Steel is trading lower by more than 7% at Rs 72.45 per share, Alok Industries is down by 7.8%, Monnet Ispat is down by 3.12%, Electrosteels Steel is down by nearly 16% and Lanco Infratech is down by 4.29% as of 1055 hours on BSE in Wednesday’s trading session.
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