 "Lanco Infratech hits record low; IDBI Bank touches 52-week low")
Shares of Lanco Infratech (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 IDBI Bank 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, IDBI Bank 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.
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, IDBI Bank 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.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%