New Delhi, Mar 25 (PTI) Shares of Future Enterprises Ltd on Friday declined nearly 5 per cent after the company said it has defaulted on payment of Rs 93.99 crore to Punjab National Bank and Canara Bank under the one-time restructuring plan.

The stock tanked 4.98 per cent to settle at Rs 6.68 apiece on the BSE. During the day, it tumbled 6.97 per cent to its 52-week low of Rs 6.54.

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On the NSE, it dropped 4.25 per cent to settle at Rs 6.75.

The due date for payment of the amount was March 23, 2022, a regulatory filing by Future Enterprises Ltd (FEL) said on Thursday.

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"The company was not able to discharge the aforesaid obligations to respective Banks/Lenders, on due date," it said.

However, FEL said it has a review period of 30 days from the above due date in terms of the RBI circular dated August 6, 2020, and further in terms of provision of the above Agreement to make the payment of above amount.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)