Business

Lakshmi Vilas Bank shares slump 10 per cent to hit a 52-week-low

Shares of Lakshmi Vilas Bank slumped additional and fell 10 per cent to hit a new 52-week low worth in early commerce on Friday as investor sentiment remained cautious.

This can also be the fourth consecutive session of loss for the Lakshmi Vilas Bank (LVB) stock as investor sentiment was spooked after the federal government positioned the lender below a one-month moratorium and outdated its board.



On BSE, the shares plunged 9.55 per cent to hit decrease circuit restrict of Rs 9.

On NSE the scrip was locked within the decrease circuit of Rs 9 by declining 10 per cent.

Shares of the lender had been buying and selling at 52-week low values on exchanges.

On Tuesday, the federal government positioned Lakshmi Vilas Bank below a one-month moratorium, outdated its board and capped withdrawals at Rs 25,000 per depositor.

The step was taken by the federal government, on the recommendation of the Reserve Bank, in view of the declining monetary well being of the personal sector lender.

T N Manoharan, former non-executive chairman of Canara Bank, has been appointed because the administrator of the financial institution. Besides, the central financial institution has additionally positioned in public area a draft scheme of amalgamation of Lakshmi Vilas Bank with DBS Bank.

LVB is the third financial institution to be positioned below moratorium since September final 12 months after the cooperative financial institution PMC in 2019 and personal sector lender Yes Bank this March. While Yes financial institution has efficiently been revived below the steerage of State Bank, the PMC decision remains to be a far cry.

Meanwhile, Capri Global Holdings, a public shareholder of the lender offered shares value Rs 2.54 crore on Wednesday by a bulk deal on BSE. The shares had been picked up by Besseggen Infotech LLP, the information confirmed.

(Only the headline and movie of this report might have been reworked by the Business Standard employees; the remainder of the content material is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has all the time strived exhausting to present up-to-date data and commentary on developments which are of curiosity to you and have wider political and financial implications for the nation and the world. Your encouragement and fixed suggestions on how to enhance our providing have solely made our resolve and dedication to these beliefs stronger. Even throughout these tough occasions arising out of Covid-19, we proceed to stay dedicated to conserving you knowledgeable and up to date with credible information, authoritative views and incisive commentary on topical problems with relevance.
We, nonetheless, have a request.

As we battle the financial impression of the pandemic, we’d like your help much more, in order that we will proceed to give you extra high quality content material. Our subscription mannequin has seen an encouraging response from lots of you, who’ve subscribed to our on-line content material. More subscription to our on-line content material can solely assist us obtain the targets of providing you even higher and extra related content material. We consider in free, truthful and credible journalism. Your help by extra subscriptions will help us practise the journalism to which we’re dedicated.

Support high quality journalism and subscribe to Business Standard.

Digital Editor



Source



Back to top button