Disclosures by listed entities of defaults on payment of interest/ repayment of principal amount for loans including revolving facilities like cash credit from banks ....
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Olympic Cards Ltd has disclosed a default on its term loan from HDFC Bank Ltd, with the default occurring on 13-05-2025. The unpaid amount totals Rs. 15.17 lakh, comprising Rs. 11.29 lakh in principal and Rs. 3.88 lakh in interest. The original facility was Rs. 15.5 crore spread over 120 months at 11.05% interest, with HDFC Bank's total outstanding at Rs. 4.33 crore. The company's total bank borrowings stand at Rs. 12.55 crore against overall financial indebtedness of Rs. 12.82 crore (as of March 2024).
This default signals financial stress and could lead to the loan being classified as a non-performing asset (NPA) by HDFC Bank. Shareholders should expect heightened credit risk, potential penalties, and possible negative rating action.