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Shares of Lakshmi Vilas Bank today hit a 3-week low as SEBI has questioned the firm regarding a tiff with Religare tiff. The stock dropped as much as 5.9 per cent to Rs 104.1, its lowest since June 6. The stock posted biggest intraday percentage loss since June 6.
The Securities and Exchange Board of India (SEBI) has asked the private lender why it did not disclose a dispute with Religare Finvest, a unit of Religare Enterprises Ltd, in its regulatory filing for rights share issue launched in January, according to a media report.
The bank had claimed adjustment of a fixed deposit of about Rs 800 crore ($116.08 million) deposited by Religare Finvest in 2016 and early 2017, towards a loan default made by companies belonging to Religare promoters, the report added.
The company's representative did not immediately comment.
LVB stock had fallen 25 per cent this year, as of Wednesday's close.
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