Lakshmi Vilas Bank slumps after CEO resigns

Lakshmi Vilas Bank were locked in 5% lower circuit at Rs 38.75 after the bank said its MD and CEO, Parthasarathi Mukherjee, resigned due to personal reasons.

Lakshmi Vilas Bank informed that Parthasarathi Mukherjee, managing director & chief executive officer of the bank has submitted his resignation letter dated 28 August 2019, owing to personal reasons. Mukherjee will be relieved from his services at the closing hours on Saturday, 31 August 2019, as per his request. The announcement was made after market hours yesterday, 28 August 2019.

On the BSE, 53,000 shares were traded in the counter so far compared with average daily volumes of 1.92 lakh shares in the past two weeks. The stock hit a high of Rs 39.35 and a low of Rs 38.75 so far during the day.

The stock hit a 52-week high of Rs 100.9 on 06 Sep 2018. The stock hit a 52-week low of Rs 37.15 on 09 Aug 2019.

The scrip has underperformed the market in past one year, down 57.24% as against Sensex's 3.71% fall.

The bank reported a net loss of Rs 237.25 crore in Q1 June 2019 over a net loss of Rs 123.87 crore in Q1 June 2018. Total income fell 14% to Rs 677.17 in Q1 June 2019 over Q1 June 2018.

As on 30 June 2019, Lakshmi Vilas Bank had 569 branches, 5 extension counters, 1047 ATMs in 18 states and 1 union territory. The bank offers various bouquets of products and services.

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