Shares of United Breweries (Holdings) plunged nearly 14 per cent intraday on Tuesday after the company on Tuesday before market hours informed BSE that it has received a letter from Punjab National Bank (PNB) on Monday, whereby the bank has declared the company as a ‘wilful defaulter’.
At 1.30 pm, shares of United Breweries (Holdings) were trading 11.01 per cent down at Rs 20.20. The scrip opened at Rs 21.75 and had touched a high and low of Rs 21.75 and Rs 19.60, respectively, in trade so far. Later, the scrip closed 2 per cent down at Rs 787.20
“The company is in consultation with its legal counsels to challenge the decision by taking appropriate legal action that may be required in this regard,” United Breweries (Holdings) said in a BSE filing.
In the past one year, shares of United Breweries (Holdings) Ltd (UBHL) gained marginally 0.67 per cent to Rs 22.70 till Feb 15, 2016, whereas Sensex plunged 19.16 per cent during the same period.
For the quarter ended December 2015, UBHL reported a net loss of Rs 16.31 crore against net profit of Rs 2.02 crore in the corresponding quarter a year ago.