Lakshmi Vilas Bank takes down 5% lower circuit in EIR via FIR

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Mumbai, Ta. September 27, 2019, Friday

Shares of Lakshmi Vilas Bank today held a five per cent lower circuit of the only seller in the BSE. Investors filing a First Information Report (FIR) on allegations of fraud, bankruptcy, criminal conspiracy against bank directors by the Economic Offensees Wing (EOW), Delhi, were traded in stocks.

On Friday, the company has officially informed exchanges that an FIR has been registered against Lakshmi Vilas Bank's board, director, Connaught Place, New Delhi, under Indian Penal Code. This FIR has been made by Messrs. Religare Finvest Limited in connection with adjusting their deposits against the debts of Messrs. RHC Holding Private Limited and Messrs. Ranecam Private Limited. The FIR Bank was found on September 1. The bank is considering taking legal action against this.

So far this year, Lakshmi Vilas Bank's stock has fallen by about 5%. That is a decline of 8.2 percent in September alone. The stock had hit a record high of Rs 5.7 on June 5. Since then the stock has fallen by about 5%. In April, the private sector bank Lakshmi Vilas Bank said that the bank's board had approved the merger in a full stock deal with Mortgage Finisher Indiabulls Housing Finance Limited.

The merged bank has become Indiabulls Lakshmi Vilas Bank and in size and profitability, the bank has been included in the top eighth private banks. Lakshmi Vilas Bank has a network of 5 branches and 1 ATM in 5 states and one union territory in December. The bank has provided a loan of Rs.


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