Lakshmi Vilas Bank share price tanks over 55 pct in 7 trading sessions

The government has placed Lakshmi Vilas Bank (LVB) under one-month moratorium, superseded its board and capped withdrawals at Rs 25,000 per depositor. The step was taken on the advice of the Reserve Bank of India, in view of the declining financial health of the private sector lender.

Lakshmi Vilas Bank share price tanks over 55 pct in 7 trading sessions
The step was taken on the advice of the Reserve Bank of India, in view of the declining financial health of the private sector lender: ANI
Reported By: ZeeBiz WebTeam
Written By: Rahul Kamdar
Edited By: Harish Dugh
Updated: Wed, Nov 25, 2020
03:19 pm
Mumbai, ZeeBiz WebDesk
RELATED NEWS
Lakshmi Vilas Bank (LVB) logo, website tweaked post DBS merger; customers asked to use existing accounts Lakshmi Vilas Bank (LVB) logo, website tweaked post DBS merger; customers asked to use existing accounts
On Lakshmi Vilas Bank and Yes Bank, Shaktikanta Das says action taken in depositor interest On Lakshmi Vilas Bank and Yes Bank, Shaktikanta Das says action taken in depositor interest
How much interest rate will Lakshmi Vilas Bank bank account holders get on their savings accounts and fixed deposits after merger with DBS How much interest rate will Lakshmi Vilas Bank bank account holders get on their savings accounts and fixed deposits after merger with DBS
Lakshmi Vilas Bank merger with DBS Bank India: Keep aside amount equivalent to LVB's share capital, says Madras HC Lakshmi Vilas Bank merger with DBS Bank India: Keep aside amount equivalent to LVB's share capital, says Madras HC

New Delhi, Nov 25 (PTI) Lakshmi Vilas Bank share price continued to face selling pressure for the seventh consecutive day and have tanked over 55 per cent during the period amid negative reports surrounding the company.

On Wednesday, Lakshmi Vilas Bank stock tanked 4.79 per cent to Rs 6.95 -- its lower circuit limit as well as one-year low -- on BSE.

On NSE, it plummeted 4.79 per cent to Rs 6.95 -- its lowest permissible trading limit for the day.

Since last Tuesday (November 17), the stock has tanked 55.59 per cent on the BSE.

The government has placed Lakshmi Vilas Bank (LVB) under one-month moratorium, superseded its board and capped withdrawals at Rs 25,000 per depositor.

The step was taken on the advice of the Reserve Bank of India, in view of the declining financial health of the private sector lender.

See Zee Business Live TV Streaming Below:

Lakshmi Vilas Bank is the third bank to be placed under moratorium since September last year after the cooperative bank PMC in 2019 and private sector lender Yes Bank this March. While Yes bank has successfully been revived under the guidance of State Bank, the PMC resolution is still a far cry.

 

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.