MUMBAI: Shares of Provogue (India) fell 8% after Andhra Bank dragged the apparel retailer to the bankruptcy court for non-payment of dues.The promoters, Chaturvedi family, lost control of the company after a group of lenders acquired a majority stake following non-payment of dues and debt restructuring. The group of lenders led by Andhra Bank acquired a 51% stake in Provogue by swapping debt into equity in 2016.Andhra Bank is owed Rs 90 crore. Provogue’s other lenders include Bank of India, IndusInd Bank, Corporation Bank, Punjab National Bank and Sidbi.“It appears that the company is keen on revival and we are hopeful that a resolution will soon be put in place,” said Nishit…
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