Shipping Corporation of India may lose navaratna status

State-run Shipping Corporation of India (SCI) may lose the coveted navaratna status as the PSU reported loss for the second consecutive year. In 2011-12, the company posted a loss of Rs 428.2, while in 2012-13, it registered a Rs 114.3 crore loss.
To retain the navaratna status, any PSU firm has to be a profit-making company. In case the losses continue for two consecutive years, the company faces the threat of losing the tag.
"We are staring at tough time ahead. Last year the employees did not get any bonus and this year it would be same," said a senior official in the SCI.
Losing navaratna status also impacts any company's financial autonomy as the coveted tag empowers the board of a Central PSU to take investment decisions up to Rs 1,000 crore.
Source: TNN