NCLT approves bankruptcy proceedings against Lanco Infratech; shares hit lower circuit

NEW DELHI: Shares of Lanco Infratech hit lower circuit on reports that NCLT that had approved insolvency proceeding against the company.

Debt of Rs 44,365 crore was identified by RBI for insolvency of Lanco Infratech, according to a report by ET Now.

However, Lanco yet to receive the formal order of NCLT approved insolvency proceedings.

The scrip plunged 4.55 per cent to close at Rs 1.05 on Wednesday.

On the BSE, 9.35 lakh shares were traded on the counter so far as against the average daily volumes of 156.81 lakh shares in the past two weeks.

The stock had hit a record high of Rs 5.25 on September 6, 2016 and a 52-week low of Rs 0.83 on July 14, 2017.

Lanco Infratech on Tuesady post market hours also informed bourses that Hiranmoy Biswas who was appointed as Nominee Director representing IDBI Bank Limited on the board of the company had resigned from the board with effect from July 30, 2017, on account of withdrawal of nominee by IDBI Bank.