Lakshmi Vilas Bank hits record low; stock tanks 48% in four days

The government has placed the lender under a one-month moratorium and superseded its board

Shares of Lakshmi Vilas Bank (LVB) were locked in lower circuit for the fourth straight day after slipping another 10 per cent on Monday to hit a new low of Rs 8.10 on the BSE. The private sector lender's stock was trading below its face value of Rs 10 per share. It has tanked 48 per cent in the past four trading days after the government, last week, placed the lender under a one-month moratorium and superseded its board.

Meanwhile, on Friday, November 20, credit rating agency, CARE Ratings (CARE) downgraded the rating of LVB’s Unsecured Redeemable Non-Convertible Subordinated Lower