On Wednesday, shares of CONCOR ended 0.7% higher on the NSE at Rs 685.90. Year-to-date, the stock has fallen over 7%, when the benchmark Nifty 50 has given 9.5% positive returns.
Last week, the Delhi bench of the National Company Law Tribunal had admitted an insolvency petition against the government-owned logistics company by an operational creditor Roadwings International Pvt Ltd.
Roadwings International said that CONCOR defaulted on dues worth over Rs 87 crore. However, reports said the National Company Law Appellate Tribunal has stayed the insolvency proceedings against the company.
News around insolvency comes at a time when the government is preparing for divestment of stake in CONCOR to privatise the company. Reports said that the government has already prepared the document to invite expressions of interest for a 30.8% stake in the logistics services provider.
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