Lanco Infra down 4% on trading suspension
The stock dropped 4 per cent to hit a low of Re 0.48, or 48 paise, on the BSE.
By ETMarkets.com |
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NEW DELHI: Shares of Lanco Infratech came off 4 per cent on Friday as the BSE said it will suspend trading in the infra stock from September 14 after commencement of liquidation proceedings.
The announcement came in after the Hyderabad bench of National Company Law Tribunal (NCLT) ordered liquidation of the company that owes over Rs 44,000 crore to the IDBI Bank-led lenders consortium. Savan Godiavala, a resolution professional, has been appointed as the liquidator.
The stock dropped 4 per cent to hit a low of Re 0.48, or 48 paise, on the BSE.
"To avoid market complications, trading in the equity shares of Lanco Infratech Ltd will be suspended with effect from September 14, 2018," the BSE said in a circular.
The Reserve Bank had in June 2017 directed IDBI Bank, the lead lender of Lanco Infratech, to initiate insolvency proceedings against the company under the Insolvency and Bankruptcy Code (IBC), PTI reported.
The announcement came in after the Hyderabad bench of National Company Law Tribunal (NCLT) ordered liquidation of the company that owes over Rs 44,000 crore to the IDBI Bank-led lenders consortium. Savan Godiavala, a resolution professional, has been appointed as the liquidator.
The stock dropped 4 per cent to hit a low of Re 0.48, or 48 paise, on the BSE.
"To avoid market complications, trading in the equity shares of Lanco Infratech Ltd will be suspended with effect from September 14, 2018," the BSE said in a circular.
The Reserve Bank had in June 2017 directed IDBI Bank, the lead lender of Lanco Infratech, to initiate insolvency proceedings against the company under the Insolvency and Bankruptcy Code (IBC), PTI reported.
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