In the evening yesterday, HUDCO announced that two borrowing agencies of the company have defaulted in repayment of their dues.

The defaulted amount is Rs.87.50 crore against the principal outstanding of Rs.87 crore as on date.

It has now been classified as NPAs with an impact of 1.14% on Gross NPA.

In Q2FY20, gross NPAs stood at 4.2% at Rs. 3196.2 crore.

The company did not disclose the name of the defaulters.

Following this news, the market is perturbed and the stock price opened with a loss of over 5% at Rs.38.30 and hit an intraday low at Rs.36.90, going down over 8.5%. Its 20% LC for today is at Rs.32.35.