Shares of Lanco Infratech today

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slumped 20 per cent after the Reserve Bank directed its lead

lender IDBI Bank to initiate insolvency proceedings for the

company under the Insolvency and Bankruptcy Code (IBC).

The stock plummeted 20 per cent to close at Rs 1.88 -

its lowest trading permissible limit for the day as also its

52-week low - on BSE.

At NSE, shares of the company tanked 19.14 per cent to

end at Rs 1.90 - its lower circuit limit.

"Lanco Infratech Limited (LITL)...vide letter dated June

17, 2017, intimated under Regulation 30 of SEBI (Listing

Obligations and Disclosure Requirements) Regulations, 2015,

that 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," the company said.

The company is among 12 firms identified by the central

bank with a combined debt of over Rs 1,50,000 crore, a quarter

of the total NPAs, for proceedings under the Insolvency and

Bankruptcy Code.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)