It is rare that lenders involving public sector banks taking a tough stance and this time under the chopping block is Vijay Malaya due to failure of Kingfisher airlines.
Lenders invoked pledge of 2.6 Mn shares (2% of equity) of UNSP and sold 10 Mn shares (10% of equity) of Mangalore Chemicals to cover for its exposure to Kingfisher Airlines.
This is good for the market and bankers have taken the right step in accordance with the directions of the Finance Minister to not to side with affluent promoters and poor companies.
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