Shares of Reliance Naval and Engineering lost over 5 percent intraday on Thursday as investors turned cautious on the stock on insolvency proceeding.
According to a report by CNBC-TV18, quoting Cogencis, IFCI has filed an insolvency case against the company in a bid to recover loans.
The fall in share price also spilled over to Reliance Infra, the parent firm of Reliance Naval. Shares there fell over a percent intraday.
The company was in the news recently news after reports stated that four domestic shipyard companies were in the fray to build six highspeed landing craft (HSLC) for the Indian Navy.
According to The Economic Times, the Indian Navy had called for request for information (RFI) from interested parties to su…
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