Why Videocon Industries stock fell 42% in three days

profit streetThe Videocon Industries stock is on a downward slide during the last three days over bad loan worries.State lender Dena Bank recently announced that it had classified Videocon's loan to Rs 520 crore as a non-performing asset. Dena Bank is the first lender to classify Videocon in bad loan category.

On December 2015, the firm had a total debt of Rs 47,554 crore.  The firm will announce its earnings for Q4 on May 26, 2017.

The stock has lost 42 percent in the last three trading days. It opened at around 100 level on Monday.
At 11:21 am today, the stock was trading at a fresh 52-week low of Rs 58.35 level on the BSE.
The firm in a statement to BSE said move by Dena Bank "has resulted into some negative publicity of the company and, accordingly, impacted its stock price. We believe that the recent crash on the stock price of the company could be due to the said classification of Videocon's loan as NPA by Dena Bank.  We are not aware of any other information which could explain the movement in trading."
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