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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

The lender was put under the Reserve Bank of India's prompt corrective action (PCA) framework in September last yea
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The lender was put under the Reserve Bank of India's prompt corrective action (PCA) framework in September last yea

SI Reporter New Delhi
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,

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First Published: Jul 31 2020 | 10:27 AM IST

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