Shares of Shilpi Cable Technologies Ltd. declined 10 percent on Tuesday, the fourth straight session of the stock hitting its lower circuit.
The stock has lost over 50 percent of its value in two weeks, after the company said that an overseas bank has filed a petition against the electrical cable maker before the National Company Law Tribunal (NCLT).
The petition has been filed under Section 8 and 9 of the Insolvency and Bankruptcy Code, 2016. “The company is taking appropriate legal recourse in this matter,” it said in its exchange filing dated April 29.
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The matter is listed for hearing at the NCLT on Thursday, May 4.
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