Lanco Infratech was locked at 10% lower circuit at Rs 1.70 at 10:09 IST on BSE, with the stock extending recent sharp slide triggered by RBI directing IDBI Bank to initiate insolvency process for the company.
Meanwhile, the S&P BSE Sensex was up 49 points or 0.16% at 31,360.57. The S&P BSE Small-Cap index rose 62.14 points or 0.4% at 15,716.11.
On the BSE, 17.33 lakh shares were traded on the counter so far as against the average daily volumes of 6.60 lakh shares in the past one quarter. The stock had hit a high of Rs 1.76 so far during the day. The stock hit a low of Rs 1.70 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 19 June 2017, sliding 41.61% compared with the Sensex's 2.78% rise. The stock had also underperformed the market over the past one quarter, declining 47.19% as against the Sensex's 5.61% rise. The scrip had also underperformed the market over the past one year, declining 62.1% as against the Sensex's 17.6% rise.
The small-cap company has equity capital of Rs 331.41 crore. Face value per share is Rs 1.
Shares of Lanco Infratech (LITL) have tumbled 33.59% three trading sessions to its ruling market price, from its closing of Rs 2.56 on 15 June 2017. The stock tumbled by the maximum permissible level of 20% in a single trading session to settle at Rs 1.88 yesterday, 19 June 2017 after the company said on Saturday, 17 June 2017 that the central bank directed IDBI Bank to initiate insolvency process for the company.
The Reserve Bank of India (RBI) directed IDBI Bank, the lead bank of LITL to initiate Corporate Insolvency Resolution Process (CIRP) for LITL under the Insolvency and Bankruptcy Code, 2016.
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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.
Lanco Infratech is an integrated infrastructure developer in India. The company has subsidiaries and divisions across multiple business verticals.
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