Lanco Infratech was locked at 20% lower circuit at Rs 1.88 at 15:11 IST on BSE after the company said the central bank directed IDBI Bank to initiate insolvency process for the company.
The announcement was made on Saturday, 17 June 2017.Meanwhile, the S&P BSE Sensex was up 262.47 points or 0.85% at 31,318.87. The S&P BSE Small-Cap index declined 11.34 points or 0.07% at 15,655.90.
On the BSE, 52.33 lakh shares were traded on the counter so far as against the average daily volumes of 5.82 lakh shares in the past one quarter. The stock had hit a high of Rs 2.28 so far during the day. The stock hit a low of Rs 1.88 so far during the day, which is a record low. The stock had hit a 52-week high of Rs 5.61 on 20 July 2016.
The stock had underperformed the market over the past one month till 16 June 2017, sliding 30.27% compared with the Sensex's 1.55% rise. The stock had also underperformed the market over the past one quarter, declining 34.36% as against the Sensex's 4.97% rise. The scrip had also underperformed the market over the past one year, declining 50.32% as against the Sensex's 17.08% rise.
The small-cap company has equity capital of Rs 331.41 crore. Face value per share is Rs 1.
The Reserve Bank of India (RBI) directed IDBI Bank, the lead bank of Lanco Infratech (LITL) to initiate Corporate Insolvency Resolution Process (CIRP) for LITL under the Insolvency and Bankruptcy Code, 2016.
On consolidated basis, Lanco Infratech reported net loss of Rs 584.73 crore in Q4 March 2017, higher than net loss of Rs 128.19 crore in Q4 March 2016. Net sales declined 4% to Rs 1982.68 crore in Q4 March 2017 over Q4 March 2016.
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Lanco Infratech is an integrated infrastructure developer in India. The company has subsidiaries and divisions across multiple business verticals.
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