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Lanco Infratech slumps 20% on RBI's direction to start insolvency

At NSE, shares of the company tanked 19.14 per cent to end at Rs 1.90

Press Trust of India  |  New Delhi 

Lanco

Shares of on Monday slumped 20 per cent after the Reserve Bank directed its lead lender IDBI Bank to initiate insolvency proceedings for the company under the (IBC).

The stock plummeted 20 per cent to close at Rs 1.88 — its lowest trading permissible limit for the day as also its 52-week low — on BSE.

At NSE, shares of the company tanked 19.14 per cent to end at Rs 1.90 — its lower circuit limit.

"Limited (LITL)...Vide letter dated June 17, 2017, intimated under Regulation 30 of (Listing Obligations and Disclosure Requirements) Regulations, 2015, that RBI directed IDBI Bank, the lead bank of LITL to initiate Corporate Insolvency Resolution Process (CIRP) for LITL under the Insolvency and Bankruptcy Code, 2016," the company said.

The company is among 12 firms identified by the central bank with a combined debt of over Rs 1,50,000 crore, a quarter of the total NPAs, for proceedings under the

First Published: Mon, June 19 2017. 17:58 IST
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