Shares of Ruchi Soya tumbled as much as 16 percent in early trade after it informed bourses that IDBI Bank has declared the company a wilful defaulter.
The Company is in consultation with legal counsels, to challenge the decision by taking appropriate legal action that may be required in this regard.
The scrip was trading 14.89 per cent down at Rs 16. Shares of the company opened at Rs 18 .20 and touched a high and low of Rs 18.35 and Rs 15.75, respectively, in trade so far. Benchmark BSE Sensex was up 24 points, or 0.08 percent, at 33,077 at around the same time.
For the quarter ended September 30, 2017, the company reported a net loss of Rs 2,882.71 crore against the net profit of Rs 26.75 crore in the corresponding quarter last year.
Shares of the company had hit a 52-week high of Rs 33.75 on November 2, 2017, and 52-week low of Rs 15.75 on December 14, 2017.
Ruchi Soya Industries is engaged primarily in the business of processing of oil-seeds and refining of crude oil for edible use.