Shilpi Cable on downward spiral

Shilpi Cable Technologies has been hitting the 5% lower circuit consistently for the ninth time. The stock, which was quoted at Rs.206 on 25th April, is today locked in the 5% LC at Rs.67.45.

The company is mired in some deep trouble for sure. On 30th April it informed the exchnages that an overseas bank had filed a petition against Shilpi Cable before the National Company Law Tribunal (NCLT). The petition has been filed under Section 8 and 9 of the Insolvency and Bankruptcy Code, 2016.

Then on 5th May, it stated that NCLT has reserved its order on its petition filed under Section 8 & 9 of the Insolvency and Bankruptcy Code, 2016.

Today we hear that its CFO, Ajay Mahajan has resigned for an unspecified reason and Chitra Sarkar, a non executive independent director of the company also resigned citing personal reasons.