Fertilisers and Chemicals Travancore heads towards financial crunch; stocks crash

Shares of state-run Fertilisers and Chemicals Travancore (FACT) on Tuesday fell over 15 per cent after it reported a net loss of Rs 49.77 crore during the third quarter of the current fiscal, and its auditor said the company's net worth has completely eroded. Around 12.45 p.m., the company's stock price on the National Stock Exchange slumped around 15.28 per cent to touch the intra-day low of Rs 34.10

At 3.15 p.m., its stock price recovered to Rs 37.90, lower by Rs 2.35 or 5.84 per cent from the previous close. "The company incurred a net loss of Rs 4,977 lakh during the quarter ended December 31, 2018, and the net worth of the company has been fully eroded," the auditor said in an NSE filing on Tuesday. It also raised doubts over the company's ability to continue as a going concern.