Stocks

Dhanlaxmi Bank hits 52-week low

PTI Mumbai | Updated on October 11, 2011

Shares of Dhanlaxmi Bank slid by as much as 24 per cent in the afternoon trade on the bourses today after the All-India Bank Officers Confederation (AIBOC) raised several questions about the lender’s financial health.

The scrip opened on a strong note, but surrendered the gains thereafter, tumbling to a 52-week low on the Bombay Stock Exchange and the National Stock Exchange.

On the BSE, the scrip tanked 24.23 per cent to a low of Rs 54.25, while on the NSE, it dropped 24.05 per cent to a low of Rs 54.30.

At the pre-close session, the scrip was trading at Rs 63.95 on the BSE, down 10.68 per cent, and at Rs 64.50 on the NSE, down 9.79 per cent.

The AIBOC has raised issues relating to the financial health of the bank, besides operational irregularities.

“We have requested the RBI to conduct investigations relating to various aspects of the bank so that the interest of shareholders and depositors is protected,” the AIBOC General Secretary, Mr G.D. Nadaf, told PTI.

He alleged that the bank has been indulging in window dressing of its accounts and not presenting the correct picture to shareholders.

Published on October 11, 2011

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