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Lakshmi Vilas Bank touches lower circuit limit on the BSE

The Lakshmi Vilas Bank is currently trading at its lower circuit limit of Rs. 34.75, down by 1.80 points or 4.92% from its previous closing of Rs. 36.55 on the BSE.

The scrip opened at Rs. 34.75 and has touched a high and low of Rs. 34.75 and Rs. 34.75 respectively. So far 2521 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 97.35 on 09-Apr-2019 and a 52 week low of Rs. 34.95 on 09-Sep-2019.

Last one week high and low of the scrip stood at Rs. 40.65 and Rs. 34.75 respectively. The current market cap of the company is Rs. 1170.08 crore.

The promoters holding in the company stood at 7.11%, while Institutions and Non-Institutions held 19.65% and 73.24% respectively.

Reserve bank of India (RBI) has initiated Prompt Corrective Action (PCA) for Lakshmi Vilas Bank on account of high net NPA, insufficient CRAR and CET 1, negative RoA for two consecutive years and high leverage, based on the on-site inspection under the Risk Based Supervision carried out for the year ended March 31, 2019.

RBI has also advised the Bank on the restrictions put in place and the actions to be taken by the Bank, which the Bank has taken note of for necessary compliance, with progress to be reported on a monthly basis to RBI.

Lakshmi Vilas Bank offers a wide range of services such as Deposits, loan, MSME, Online Services, NRI services, Wealth Management Services and Personal banking services etc.

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