After CG Power, the second top loser on the BSE is HDIL. This stock too hit a the 20% LC and a new low today at Rs.8.78.

The company announced yesterday that it will face insolvency proceedings under the provisions of the Insolvency and Bankruptcy Code (IBC) as per an order passed by the National Company Law Tribunal (NCLT). This NCLT order was in response to an application filed by Bank of India, which has loaned the company money to the tune of Rs.520 crore.

Apart from Bank of India, it also faces resolution pleas by Corporation Bank, Syndicate Bank, Indian Bank, and Dena Bank. 

HDIL’s debt currently stands at Rs.1990 crore.