(Bloomberg) -- Tighter rules in India forcing listed defaulters to come clean have provided the first glimpse into the extent of their debt problems.
About 72 companies, from conglomerates helmed by fallen billionaires to smaller businesses, have some 1.8 trillion rupees ($25 billion) in outstanding debt, exchange filings show. As of Dec. 31, the firms had defaulted on more than 840 billion rupees, or 47%, of this.
While it’s unclear when the debt will come due, some firms may find it tough to repay as India’s economy slows to levels last seen during the financial crisis. The outlook for monetary policy has been clouded by rising oil prices. The nation’s banks are already grappling with the world’s worst bad-loan ratio and shadow lenders that provide rollover financing face a funding squeeze.
The Securities and Exchange Board of India in November ordered listed companies to disclose details of their defaults within seven days from the end of each quarter. Here’s a list of the top companies that disclosed their debt for the end of December.
| Company | Amount defaulted (in billion rupees) | Total financial indebtedness (in billion rupees) |
|---|---|---|
| Reliance Communications | 325.75 | 325.75 |
| Reliance Capital | 0.72 | 187.66 |
| Jaypee Infratech | 67.21 | 134.38 |
| Suzlon Energy | 72.56 | 127.85 |
| Reliance Home Finance | 9.82 | 118.91 |
| Hindustan Construction | 2.77 | 103.91 |
| Reliance Naval | 94.92 | 95.34 |
| Sintex Industries | 20.07 | 67.75 |
| Reliance Infrastructure | 10.49 | 60.74 |
| Religare Finvest | 13.67 | 56.56 |
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