Business
Shares of Lanco Infratech today slumped 20 per cent after the Reserve Bank directed its lead lender IDBI Bank to initiate insolvency proceedings for the company under the Insolvency and Bankruptcy Code (IBC).
Updated : Jun 19, 2017, 05:18 PM IST
Shares of Lanco Infratech today
slumped 20 per cent after the Reserve Bank directed its lead
lender IDBI Bank to initiate insolvency proceedings for the
company under the Insolvency and Bankruptcy Code (IBC).
The stock plummeted 20 per cent to close at Rs 1.88 -
its lowest trading permissible limit for the day as also its
52-week low - on BSE.
At NSE, shares of the company tanked 19.14 per cent to
end at Rs 1.90 - its lower circuit limit.
"Lanco Infratech Limited (LITL)...vide letter dated June
17, 2017, intimated under Regulation 30 of SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015,
that RBI directed IDBI Bank, the lead bank of LITL to initiate
Corporate Insolvency Resolution Process (CIRP) for LITL under
the Insolvency and Bankruptcy Code, 2016," the company said.
The company is among 12 firms identified by the central
bank with a combined debt of over Rs 1,50,000 crore, a quarter
of the total NPAs, for proceedings under the Insolvency and
Bankruptcy Code.
(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)