First Leasing hits 52-week low as RBI bars from doing business

First Leasing Company of India is locked in lower circuit of 20% at Rs 26.80, also its 52-week low on BSE, after the Reserve Bank of India (RBI) has barred the finance company from doing any business until further orders following inspection of its books and records as on March 31, 2013.

In the light of the findings of the inspection of the books of accounts and other records as on March 31, 2013, the RBI has directed that until further orders, the company shall not sell, transfer, create charge or mortgage or deal in any manner with its property and assets without prior written permission of the bank, First Leasing Company said in a regulatory filing.

RBI has also restricted Chennai-based finance company from declaring or distributing dividend. It also restrained the company from creating any liabilities.

A combined 87,304 shares change hands on the counter and there are pending sell orders for 154,447 shares on BSE and NSE at 1000 hours.