Lakshmi Vilas Bank freezes at 5% lower circuit on Rs 112 crore Q1 loss

The bank said its tier 1 capital has turned negative, which prompted the auditors cast doubts if it can continue as a going concern. The tier 1 capital ratio is at a (-) 1.83 per cent

Shares of Lakshmi Vilas Bank were locked in the 5 per cent lower circuit band of Rs 19.7 apiece on the BSE on Friday the lender reported its April-June quarter result on Thursday post market hours. The bank reported a net loss of Rs 112 crore for the June quarter of FY21 after reporting a net profit of Rs 92.86 crore in the March quarter of FY20. In the year-ago quarter (Q1FY20), its loss was at Rs 237.25 crore. In comparison, the S&P BSE Sensex was down 15 points, or 0.04 per cent, at 37,720 level at 10:37 am.

That apart,