MTNL Share Price Falls After It Defaults On Payment Obligation To Banks
Mahanagar Telephone Nigam Ltd.'s share price fell nearly 8% in Monday's session as the company defaulted on principal and interest payments to several banks. The total outstanding principal payment is Rs 7,794.34 crore, and the interest amount due is Rs 482.97 crore, the company said in an exchange filing on Saturday.
Mahanagar Telephone Nigam defaulted principal and interest payments to Union Bank of India, Bank of India, Punjab National Bank, State Bank of India, UCO Bank, Punjab And Sind Bank, and Indian Overseas Bank, the exchange filing said.
The share price has reversed a two-day winning streak in Monday's session.
Mahanagar Telephone Nigam share price declined 7.94% to Rs 45 apiece. It was trading 6.89% lower at Rs 45.51 apiece as of 10:21 a.m., as compared to 0.42% advance in the NSE Nifty 50 index.
The scrip rose 34.05% in 12 months, while it declined 9.65% on year-to-date basis. Total traded volume so far in the day stood at 1.5 times its 30-day average. The relative strength index was at 50.74.
In Thursday's session, Mahanagar Telephone Nigam share price surged 18.36% to Rs 51.18 apiece as a senior minister signalled the government is not privatising the state-run firm. The share price ended 13.04% higher at Rs 48.88 apiece on Thursday.
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