PC Jeweller stock slips 2% following losses for 4th straight quarter

The company revealed in a filing that they had defaulted on loans worth Rs 3,466 crore from banks and financial institutions

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Shares of PC Jeweller declined 2 percent to Rs 28 per share on November 15 after the company posted net loss for the fourth straight quarter (Q2FY24) amid mounting legal battles. The S&P BSE Sensex was up 605 points or 0.9 percent to 65,549 levels, as of 10:08 am.

So far this year, the stock of this gem and jewellery company has tumbled over 64 percent as against 6 percent rise in the benchmark Sensex.

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PC Jeweller reported a net loss of Rs 152 crore for Q2FY24 as against a profit of Rs 73 crore a year ago. Domestic sales, too, fell to Rs 33 crore in Q2FY24 versus Rs 836 crore in Q2FY23 as the company remains entangled in a legal battle with multiple lenders.

A slew of lenders namely, State Bank of India (SBI), Indian Bank, IDFC First Bank, Union Bank, and seven more, have moved to Debt Recovery Tribunal (DRT) Delhi against the company towards recovery of their dues.

PC Jeweller’s troubles began in February 2023, when banks decided to recall loans advanced to it. A loan recall is a process where the source lender requests the return of the amount advanced to the recipient or borrower.

The company revealed in a filing that they had defaulted on loans worth Rs 3,466 crore from banks and financial institutions. The largest lenders are SBI, with Rs 1,060 crore outstanding; Union Bank of India, with Rs 530 crore; Punjab National Bank, with Rs 478 crore; and Indian Bank, with Rs 226 crore.

Also read: Jewellery stocks outshine Nifty peers as gold buying picks up pace ahead of Dhanteras

The status of the company’s borrowing accounts continues to remain as non-performing with all the banks, which the company has disputed legally.

That apart, the jewellery company notified that they have shut down fourteen owned stores located at various cities and three franchises stores during the six months ended September 2023. Now the company has 56 owned and 7 franchises stores, as on September 2023.

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