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This article is more than 1 year old.

HUDCO shares decline 7.5% on default in repayment of dues

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Shares of Housing and Urban Development Corporation (HUDCO) declined 7.5 percent on Thursday after the company reported default in repayment of certain dues.

HUDCO shares decline 7.5% on default in repayment of dues
Shares of Housing and Urban Development Corporation (HUDCO) declined 7.5 percent on Thursday after the company reported default in repayment of certain dues.
The stock fell as much as 7.5 percent to Rs 37.35 per share on the BSE. At 9:25 am, the stock was trading 6.2 percent lower at Rs 38 per share as compared to 0.22 percent or 88 points rise in the BSE Sensex at 40,939.
HUDCO has fallen more than 5 percent in the last one year as well as in 2019.
The PSU, in an exchange filing, said that two of its borrowing agencies have defaulted in the repayment of their dues. The filing mentioned that the defaulted amount is Rs 87.46 crore against a principal outstanding of Rs 869.4 crore as on the date of the filing.
The company also said that the agencies in question have been classified as NPAs with "an impact of 1.14 percent on Gross NPA". Gross NPAs in Q2 were at 4.2 percent at Rs 3,196.2 crore.
However, the company's net profit rose 2.16 times to Rs 725.84 crore in Q2 as compared to Rs 335.68 crore in Q1FY20.
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