Simbhaoli Sugars Slumps 16% On Loan Default Case
Shares of Simbhaoli Sugars Ltd. plummeted nearly 16 percent on Monday after the Central Bureau of Investigation registered a case against the company, its chairman Gurmit Singh Mann, deputy managing director Gurpal Singh and others in connection with an alleged bank loan fraud of Rs 97.85 crore.
The stock dropped 15.73 percent to end at Rs 14.20 apiece on the BSE. During the day, it plunged as much as 19.88 percent to Rs 13.50, hitting its 52-week low. BSE has sought clarification from the company, one of the largest sugar mills in the country on this issue.
The CBI on Feb. 25 carried out searches at eight premises including residences of the directors, factory, corporate office and registered office of the company in Delhi, Hapur and Noida, CBI spokesperson Abhishek Dayal said.
State-owned Oriental Bank of Commerce said Simbhaoli Sugars is an old non-performing account of the bank and the first case was registered with CBI in Sept. 2015.
“First complaint to CBI was filed on Sept. 3, 2015 and amended complaint was filed on Nov. 17, 2017. The case has now been registered as per procedures,” the bank said in a regulatory filing.
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