Penny Stock Locked At 5% Lower Circuit, Hits New 52-Wk Low: Here’s Why

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Penny Stock Locked At 5% Lower Circuit, Hits New 52-Wk Low: Here’s Why

By Malvika Gurung

Investing.com -- Shares of the Non-Banking Finance Company (NBFC) TCI Finance (NS: TCII ) hit a new 52-week low on Monday and were locked in a 5% lower circuit of Rs 2.85 apiece. 

The financial stock crashed to a new low after the company announced that it has defaulted on the EMI (equated monthly installment) payment of the term loan of Housing Development Finance Corporation Ltd (NS: HDFC ) for the month of March 25, 2023. The defaulted amount is Rs 17,13,054.

Last month too in February 2023, the company informed the stock exchanges that it had defaulted in the EMI payment of HDFC’s term loan for the month of Feb 25 for Rs 17,12,854.

TCI Finance is an NBFC registered with the Reserve Bank of India.

It is a penny stock with a current market price of Rs 2.85/share and a 52-week high of Rs 8.75 apiece. The stock has tanked 53% in the past one year and given returns of negative 12% to its shareholders in one month.

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