Lakshmi Vilas Bank hits 5% LC

Lakshmi Vilas Bank, within seconds of opening, the stock hit the 5% LC at Rs.36.55 and remains locked there. It is not too far from its 52-week low at Rs.34.95.

Late in the evening yesterday, the bank disclosed that the Economic Offences Wing, Delhi has registered a First Information Report (FIR), dated 23/09/2019 under "Complaint for offences of cheating, criminal breach of trust by banker, criminal misappropriation and criminal conspiracy upon the Directors of Board.

The FIR is based on a complaint filed by Religare Finvest pertaining to adjustment of their deposits to the dues of RHC Holding Pvt. Ltd & Ranchem Pvt Ltd. The same is received at Bank's end on 25/09/2019.

The Bank said that it is considering appropriate legal measures to counter the same.