LVB, Syndicate Bk hit 52-wk low as RBI imposes penalty for violating norms

The RBI imposed a monetary penalty of Rs 1 crore on Lakshmi Vilas Bank Ltd for non-compliance with certain provisions of directions issued by RBI on IRAC norms

Shares of Lakshmi Vilas Bank (LVB) and Syndicate Bank slipped up to 5 per cent and hit their respective 52-week lows in the early morning deals on the BSE on Tuesday after banking regulator Reserve Bank of India (RBI) imposed monetary penalty on them for violating asset classification and fraud detection norms.

Individually, shares of LVB were locked in the lower circuit band of 5 per cent at Rs 22.05 apiece, also its new all-time low, while shares of Syndicate Bank dipped up to 2.2 per cent to trade at Rs 24 per share. In comparison, the benchmark S&P BSE