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Simbhaoli Sugars soars 11% as company says it will clear all dues

The stock jumped 10.92% to end at Rs 15.75 on BSE. During the day, it soared 15.84% to Rs 16.45.

business Updated: Feb 27, 2018 18:00 IST
Press Trust of India
Press Trust of India
Press Trust of India, New Delhi
Simbhaoli Sugar shares,Simbhaoli Sugars,Oriental Bank of Commerce
The CBI has registered a case against Simbhaoli Sugars, its chairman Gurmit Singh Mann, deputy MD Gurpal Singh and others in connection with the alleged bank loan fraud of Rs 97.85 crore.(Prashanth Vishwanathan/Bloomberg)

Shares of Simbhaoli Sugars ended with a sharp gain of nearly 11% on Tuesday, as the company said it is committed to clear its outstanding dues.

The stock jumped 10.92% to end at Rs 15.75 on BSE. During the day, it soared 15.84% to Rs 16.45.

On the NSE, shares of the company zoomed 9.47% to close at Rs 15.60.

In terms of equity volume, 1.71 lakh shares of the company were traded on BSE and over 7 lakh shares changed hands at NSE during the day.

Faced with a CBI probe for alleged loan fraud, Simbhaoli Sugars on Monday said it is committed to clearing its outstanding dues to Oriental Bank of Commerce (OBC) in “due course of time” in consultation with all the lenders.

The CBI has registered a case against the company, its chairman Gurmit Singh Mann, deputy MD Gurpal Singh and others in connection with the alleged bank loan fraud of Rs 97.85 crore.

In a late night filing to stock exchanges, the company said it had taken finance from banks, for which it has been regular in repayments but for periodical adverse cycles in sugar industry.

Recently, Oriental Bank of Commerce - one of the banks in its consortium - has filed a fraud monitoring report against the company and referred it to investigation agencies, it added.

“In this regard, the company and its management are in process for submitting requisite clarifications and details to the investigating agencies and are fully committed to cooperating with the investigation.

Shares of Oriental Bank ended at Rs 96.05, up 0.95% on BSE.

First Published: Feb 27, 2018 17:07 IST