Mahindra's Ssangyong defaults on loan repayment worth $55 million
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Mahindra has announced that its South Korean unit, Ssangyong Motor Co., has failed to repay a loan worth 60 billion won (approximately $55 million). The company revealed that out of the total payment due on December 14, roughly 30 billion won was owed to Bank of America, 20 billion won to JP Morgan Chase, and the rest to BNP Paribas. The company's stocks plummeted soon after the announcement.