Big banks caught in the storm of GoFirst, may lose 6,521 crores
[ad_1]
New Delhi (Best Hindu News): GoFirst is on the verge of bankruptcy. Every moment new things are coming out in this matter. Now the names of the banks which have given loans to GoFirst have come to the fore. The number of such lenders is said to be four to five, whose dues are now more than Rs 6,500 crore. The special thing is that the airline has not defaulted on any lender’s installment till April, but now after the bankruptcy filing, it seems to be taking a break. After this incident, there is a huge fall in the shares of the lenders.
The names of Bank of Baroda, IDBI Bank and Axis Bank are being seen in the banks giving loans to GoFirst. The airline has to clear dues of Rs 6,521 crore to these companies. According to the bankruptcy filing filed by GoFirst, banks such as Central Bank of India and Deutsche Bank are also among the financial creditors of GoFirst. However, the crisis-hit airline has not defaulted on any of these dues till the end of April. However, now considering the present financial condition of the corporate applicant, the installments may stop in the coming months.
After the news of sinking of Go First, there is a huge fall in the shares of lenders today i.e. on Wednesday. Shares of Central Bank of India fell up to 7 per cent in early trade on Wednesday. Shares of Bank of Baroda saw a decline of 4 per cent during the trading session. IDBI Bank’s shares have seen a decline of about 3 per cent and Axis Bank’s share was trading at a decline of more than one per cent.
Giving information on Tuesday, Wadia Group’s GoFirst said that it has applied for insolvency resolution. The airline said that American company Pratt & Whitney did not provide engines on time, due to which they had to keep 50 planes grounded. Due to which the company is completely unable to clear its dues. By the way, there was a report last month that Wadia Group will invest Rs 300 crore in GoFirst.
[ad_2]
Source link
