MTNL defaults on loan repayments worth ₹8,700 crore

Mahanagar Telephone Nigam Ltd (MTNL) has defaulted on loan repayments worth ₹86.59 billion ($990.48 million) to a group of seven public sector banks, the state-run telecom company said on Monday.

In July, MTNL had disclosed defaults of ₹85.85 billion to the same lenders.

The default includes ₹77.94 billion in principal and ₹8.65 billion in overdue interest to lenders including Union Bank of India, Bank of India, Punjab National Bank and State Bank of India.