Lanco Infratech hits record low; IDBI Bank touches 52-week low

Lanco Infratech was down 10% to Rs 1.70, extending its Monday's 20% decline on BSE.

Shares of Lanco Infratech (LITL) fell to its record low of Rs 1.70, down 10%, extending its Monday’s 20% decline on BSE, after the company on Saturday said the Reserve Bank of India (RBI) has directed its lead lender IDBI Bank to initiate corporate insolvency resolution process for the company under the Insolvency and Bankruptcy Code (IBC).

Till 12:46 pm; a combined 6.98 million shares changed hands and there were pending sell orders for 16.18 million shares on the BSE and NSE.

“LITL vide letter dated June 17, 2017, intimated under Regulation 30 of SEBI (Listing Obligations and