IL&FS stocks hit new lows

IL&FS Transportation is the top loser on the BSE currently and it hit a new low today at Rs.25.55. In fact the entire IL&FS group stocks are down. IL&FS Engineering too hit a new low at Rs.15.70.IL&FS Investment also hit a new low at Rs.9.70.

The IL&FS stocks are down on news that the RBI has ordered a special audit of IL&FS Ltd after it defaulted on repaying about Rs 250 crore worth of inter-corporate deposits to Small Industries Development Bank of India (SIDBI).

The company defaulted on the first tranche of the repayment worth Rs 100 crore on August 27 and other eventual defaults have tallied the defaults to Rs.250 crore. An additional Rs.100 crore is up for repayment today.

Mid-August the auditors of IL&FS Transportation had as such red-flagged the risks faced by the company.

The companies are yet to officially confirm this news despite which the market has reacted already.