Shares of GTL fell 2.73 per cent to hit a low of Rs 5.71 on the BSE early today. GTL Infra shares, on the other hand, declined 5 per cent to Rs 1.35.
This will mark another battle for dues in a debt-laden industry.
In a regulatory filing to the BSE, GTL said: “Canara Bank has filed an application for initiation of Corporate Insolvency Resolution Process (CIRP) against GTL Limited allegedly claiming a default...”
The company termed the action of Canara Bank as against the interest of all stakeholders, including other lenders and minority public shareholders, which is value erosive.
In a separate stock exchange notice, telecom tower company GTL Infrastructure denied the bank’s allegations and said its debt as of March end has come down to Rs 275.48 crore.
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