Beleaguered Vishal Retail today tumbled over 11 per cent to hit a year-low on BSE amid reports that the Delhi High Court has asked the company not to sell its assets.
Shares of Vishal Retail tanked 11.56 per cent to touch a 52-week low of Rs 45.50 on the Bombay Stock Exchange (BSE)in the morning trade Witnessing a similar trend, the shares plunged plunged 8.38 per cent to Rs 47 on the National Stock Exchange.
The 30-share Sensex of BSE was trading 171.89 points higher at 19,766.64. Media today reported that Deutsche Trustee Services, after failing to recover Rs 50 crore it had invested on Vishal Retail, had filed a winding-up petition in February in the Delhi High Court which asked the retailer "not to dispose assets".
The discount retailer on September 13 said the it would sell its retail trading business to Shriram Group and the wholesale division to private equity firm TPG for a combined value or Rs 100 crore.