Lakshmi Vilas Bank share price bounces back, jumps nearly 5 pct
Lakshmi Vilas Bank share price bounced back on Wednesday after falling for almost a week, rising by nearly 5 per cent following the government approval for merger of the crisis-ridden bank with DBS Bank India Ltd (DBIL)
Lakshmi Vilas Bank share price bounced back on Wednesday after falling for almost a week, rising by nearly 5 per cent following the government approval for merger of the crisis-ridden bank with DBS Bank India Ltd (DBIL).
In early trade on Wednesday, Lakshmi Vilas Bank stock had tanked 4.79 per cent to Rs 6.95, its lower circuit limit as well as one-year low, on the BSE.
However, it recovered all its lost ground in the afternoon trade, gaining 4.79 per cent to close at Rs 7.65 -- its upper circuit limit.
On the NSE, the scrip rose 4.79 per cent to close at Rs 7.65. Earlier in the day, it had fallen 4.79 per cent to Rs 6.95.
The Lakshmi Vilas Bank stock tanked 53.35 per cent on the BSE between November 17 to November 24.
The government on Wednesday approved the merger of Lakshmi Vilas Bank (LVB) with DBIL, with Union minister Prakash Javadekar asserting that there will be no further restrictions on depositors regarding withdrawals other than the current moratorium.
The minister also assured depositors that Rs 20,000 crore of deposits with LVB are fully secured and they should not worry.
DBIL, a wholly-owned subsidiary of Singapore-based DBS Bank Ltd, had a total regulatory capital of Rs 7,109 crore as of June 2020.
The government had earlier on November 17, on the advice of the RBI, imposed a 30-day moratorium on LVB, restricting cash withdrawal at Rs 25,000 per depositor.
The RBI simultaneously placed in public domain a draft scheme of amalgamation of Lakshmi Vilas Bank with DBIL. The RBI had also superseded the board of the bank.
The story has been taken from a news agency
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Retirement Planning: SIP+SWP combination; Rs 15,000 monthly SIP for 25 years and then Rs 1,52,000 monthly income for 30 years
EPF vs SIP vs PPF Calculator: Rs 12,000 monthly investment for 30 years; which can create highest retirement corpus
Retirement Calculator: 40 years of age, Rs 50,000 monthly expenses; what should be retirement corpus and monthly investment
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
Home loan EMI vs Mutual Fund SIP Calculator: Rs 70 lakh home loan EMI for 20 years or SIP equal to EMI for 10 years; which can be easier route to buy home; know maths
07:16 PM IST