Vikram Solar shares fall 3% after NCLT admits insolvency petition against the company. Here's why
The shares of Vikram Solar dropped nearly 3% on Monday after the Kolkata bench of the Company Law Tribunal (NCLT) admitted an insolvency petition filed
The shares of Vikram Solar dropped nearly 3% on Monday after the Kolkata bench of the Company Law Tribunal (NCLT) admitted an insolvency petition filed by Isitva Steels Private Limited against the company over alleged dues worth Rs 9.44 crore.In an exchange filing released on Friday, Vikram Solar said that Isitva Steels (ISPL) alleged non-payment of dues in its petition regarding civil works sub-contracted to ISPL in 2018 for a solar EPC power project being set up in Andhra Pradesh.“The alleged claim amount is approximately Rs 9.44 crore (including an interest of approximately Rs 4.21 crore), which has been actively and vigorously disputed by the company, inter alia, in light of the existence of a full and final settlement agreement dated December 7, 2019, entered into between ISPL and the company,” Vikram Solar added.The solar module maker said it is in the process of filing an appeal against the NCLT order before the NCLAT and is consulting its legal advisors for other possible legal courses of action.
Meanwhile, Tripti Agarwal has been appointed as the Interim Resolution Professional.Also read: Vikram Solar crosses 10 GW in global deploymentsVikram Solar share priceVikram Solar shares had made a muted market debut in August last year, listing at around a 2% premium over the IPO price at Rs 338 apiece. The IPO of Vikram Solar, which opened on August 19 and closed on August 21, received an overwhelming response with a 56.42 times subscription. Qualified Institutional Buyers (QIBs) led the demand at 145.10 times, while Non-Institutional Investors (NIIs) subscribed 52.87 times and the retail portion 7.98 times.The stock then jumped 21% in around a month to hit a 52-week high of Rs 407.95 apiece in September 2025.
The stock then sharply tumbled over 60% to hit a 52-week low of Rs 162.10 per share in February this year. The stock has so far recovered 20% since then to trade at Rs 195.01 apiece today.Also read: Infosys, HCL
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