Lakshmi Vilas Bank down ~5% after RBI imposes penalty for divergence

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Lakshmi Vilas Bank (LVB) informed the exchanges that RBI vide its letter dated October 14, 2019, has imposed a penalty of Rs1cr on the bank for nonadherence to guidelines on IRAC norms and divergence in respect of two NPA accounts aggregating to Rs169.50cr for the year ended 31/03/2017.

Lakshmi Vilas Bank Ltd is currently trading at Rs22.05 down by Rs1.15 or 4.96% from its previous closing of Rs23.20 on the BSE.

The scrip opened at Rs22.10 and has touched a high and low of Rs22.10 and Rs22.05 respectively. So far 16,187 (NSE+BSE) shares were traded on the counter.

The current market cap of the company is Rs781.18cr.

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