NEW DELHI, Sept 30: Shareholders of Industrial Finance Corporation of India (IFCI) on Wednesday expressed concern over the depressed stock prices of the company and urged the management to take steps for attracting investors interest. IFCI shares are trading at an all time low of Rs 20 due to fears of increasing non-performing assets (NPAs), highest among financial institutions.Addressing the shareholders at the annual general meeting here, IFCI chief P V Narasimham said the fall could be attributed to a lack of interest among foreign investors. Currently FIIs hold a meagre 0.97 per cent in IFCI.
``Internationally, stock prices of banks and financial institutions are traded two times the book value and by that count, IFCI shares should have been traded at Rs 80 range as its book value was about Rs 37 in March 1998, '' he said.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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