Punj Lloyd locked at 5% lower circuit as losses widen in Q3

Its income from operations in the October-December period declined to Rs 511.04 crore.

Shares of Punj Lloyd locked at 5 lower circuit after company's third quarter net loss widened to Rs 2,795.06 crore from Rs 183.9 crore in the year-ago period.

Its income from operations in the October-December period declined to Rs 511.04 crore, over Rs 1,169.47 crore in the corresponding quarter of previous fiscal.

Punj Lloyd further said that there were delays, defaults in repayments of substantial dues to lenders.

"Company's current liabilities exceeded its current assets and net worth of the company was also eroded as at December 31, 2018," Punj Lloyd said.

The company, as part of its financial restructuring to pare debt and strengthen balance sheet to better equipped for bidding new projects, had submitted a scheme of restructuring with its lenders.

At 10:49 hrs Punj Lloyd was quoting at Rs 1.99, down Rs 0.10 on the BSE.

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