LVB slips 6% as shareholders vote against reappointment of top brass

The Reserve Bank of India approved a Committee of Directors, comprising of three independent directors, who would run the day-to-day affairs of the lender.

Shares of Lakshmi Vilas Bank (LVB) slipped 6 per cent to Rs 18.10 on the BSE in intraday trade on Monday, after a large section of shareholders of ailing private sector lender voted against the reappointment of the managing director and chief executive, as well as seven directors and auditors at the recent annual general meeting (AGM).

However, the stock recovered from its early morning losss by 09:30 am and was trading 0.52 per cent lower at Rs 19.05 on the BSE. In comparison, the S&P BSE Sensex was 0.76 per cent at 37,671 points.

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