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Last Updated : Oct 04, 2019 02:21 PM IST | Source:

Lakshmi Vilas Bank nears 10-year low on RBI's PCA move

The prompt corrective action plan was initiated by the Reserve Bank of India from September 27, the bank has said.

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Shares of Lakshmi Vilas Bank continued to remain under pressure as they were locked in lower circuit again on October 4, trading near 10-year low after the RBI initiated prompt corrective action (PCA) plan against the lender.

The PCA plan was initiated with effect from September 27, the bank said.

The bank has reassured customers that it can transit normal business and there is no restriction on operations by depositors. The bank can also undertake lending activities to all segments except corporates and other stressed and high-risk sectors.

In more trouble, the Economic Offences Wing has registered a first information report against the bank on the complaint of Religare Finvest related to an adjustment of their deposits to the dues of RHC Holding and Ranchem Private Limited.

The stock touched 52-week low of Rs 29.85. There were pending sell orders of 396,863 shares, with no buyers available.

At 1344 hours, Lakshmi Vilas Bank was quoting at Rs 29.85, down Rs 1.55, on the BSE.


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First Published on Oct 4, 2019 02:21 pm
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