Cash-strapped Videocon posts Rs 6,760-cr FY19 loss on reduced income
Videocon Industries, which is facing insolvency proceedings, on Wednesday reported a huge loss of Rs 6,760.75 crore for the fiscal ending March 2019 against Rs Rs 5,264.04 crore in the year ago period mainly due to a sharp fall in income.
Videocon is under corporate insolvency resolution process under the Insolvency and Bankruptcy Code and since September its affairs, business and assets are being managed by resolution professional Abhijit Guhathakurta.
The financial results has been approved by the RP (resolution professional), the company said in a regulatory filing.
Total income declined to Rs 1,062.62 crore in 2018-19 from Rs 3,423.91 crore in the previous year.
