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Lanco Infratech hits record low; IDBI Bank touches 52-week low

Lanco Infratech was down 10% to Rs 1.70, extending its Monday's 20% decline on BSE.

SI Reporter  |  Mumbai 


Shares of (LITL) fell to its record low of Rs 1.70, down 10%, extending its Monday’s 20% decline on BSE, after the company on Saturday said the Reserve Bank of India (RBI) has directed its lead lender to initiate corporate insolvency resolution process for the company under the Insolvency and Bankruptcy Code (IBC).

Till 12:46 pm; a combined 6.98 million shares changed hands and there were pending sell orders for 16.18 million shares on the BSE and NSE.

“LITL vide letter dated June 17, 2017, intimated under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, that Reserve Bank of India (RBI) directed IDBI Bank, the lead bank of LITL to initiate Corporate Insolvency Resolution Process for LITL under the Insolvency and Bankruptcy Code, 2016,” the company said in a regulatory filing.

The amounts mentioned in above referred letter shall be read as Rs 8,146 crore for fund based outstanding exposure and Rs 3,221 crore for non-fund based outstanding exposure as on March 31, 2016, it added.

Meanwhile, was trading 1% lower at Rs 56.40, also hits 52-weel low on BSE. Thus far in the calendar year 2017, the stock declined 15% as compared to 17% rise in the S&P BSE Sensex.