Live Markets »News & Advice»Market News»Market News Details
Market News Details

Vijaya Bank tags Reliance Naval as NPA from March quarter

Press Trust of India/ 14 May 18 | 01:02 AM

Vijaya Bank has classified Reliance Naval & Engineering, whose auditors had recently expressed doubts about the company's ability to continue as a “going concern", as a non-performing asset from the March quarter, a senior bank official said.

The company, which was earlier known as Pipavav Defence & Offshore Engineering, was bought over by the Anil Ambani group in 2016, and renamed Reliance Defence & Engineering. It owes over Rs 9,000 to over two dozen banks mostly state-run, led IDBI Bank.

Related Stories

    No Related Stories Found
Widgets Magazine

The bank’s action was necessitated by the February 12 changes that the RBI had brought to the NPA resolution framework, which asked banks to consider even one-day delay in payments as default.

“A few accounts, including Reliance Naval, were under various restructuring schemes like the SDR and S4A by lenders. With the February 12 circular, the RBI made it clear that all those accounts where restructuring could not happen by then, have to be treated as NPAs," a senior official said.

Widgets Magazine


Company Price Gain (%)
Sun Pharma.Inds.601.656.91
Yes Bank381.752.87
ICICI Bank332.302.17
Axis Bank618.302.15
Reliance Inds.1,210.952.00


Currently No Poll Available.

Online Portfolio

You can create Online Portfolio here using the below button.

Widgets Magazine