India's PC Jeweller reported a quarterly loss for a third straight quarter on Monday, hurt by a plunge in sales as the company remains embroiled in a legal tangle with multiple banks.
, have deemed PC Jeweller's borrowing accounts as non-performing and have moved to court seeking loan recalls.
For its part, the Delhi-based jeweller has challenged its lenders and has sought redressal for alleged grievances. " disproportionately large amount of sale returns are a practical consequence of the court cases and adverse publicity," the companyRevenue from operations plunged 87.6% to 676.8 million rupees in a quarter when the Akshay Tritiya festival in April had driven demand for gold.PC Jeweller further said its domestic turnover was hurt as operations were disrupted amid a liquidity squeeze due to the ongoing litigation.
In June, a court order directed SBI, India's largest lender, to maintain the status quo and not take further legal actions against the Delhi-based jeweller. However, SBI moved an insolvency plea against the jeweller at the National Company Law Tribunal last month in an attempt to recall loans, as per
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