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Lakshmi Vilas bank hits fresh 52-week low on additional director's resignation

Lakshmi Vilas Bank (LVB) announced that Supriya Prakash Sen has resigned from the directorship of the bank on personal grounds.

twitter-logo BusinessToday.In        Last Updated: October 3, 2019  | 14:51 IST
Lakshmi Vilas bank hits fresh 52-week low on additional director's resignation
The resignation comes days after the RBI initiated prompt corrective action against the private sector lender on September 28

Shares of Lakshmi Vilas Bank (LVB) fell to a fresh 52-week low on Wednesday after the lender announced that Supriya Prakash Sen has resigned from the directorship of the bank on personal grounds.

With a gap-down chart pattern, LVB stock opened 5% lower at Rs 31.4 today, against the last closing price of Rs 34.75. Since then the shares of LVB were locked at 5% lower circuit of Rs 31.40, a 52-week low.

Lakshmi Vilas Bank shares are trading lower than 5, 20, 50, 100 and 200-day moving averages. LVB stock has lost overall 18% in the last 4 sessions of consecutive fall. The stock's value has declined over 63% year-to-date.

As of 1220 IST, overall volume stood at 0.38 lakh shares on both the bourses with 3.1 lakh sellers standing still and no buyers bidding on the stock.

"It is informed that Smt. Supriya Prakash Sen has resigned from the directorship of the Bank on 2 October 2019," the regulatory statement added, enclosing her resignation letter with it.

In a separate letter, Sen confirmed that there was no other reason for her to step down, and added that" I am unable to take up this formal and legal responsibility due to other personal priorities and commitments at this point in time."

The resignation comes days after the RBI initiated prompt corrective action against the private sector lender on September 28.  

Supriya Sen was appointed in June 2019 as an additional director on the board. "I am also appreciative of the opportunity to serve the Bank as Additional Director on the Board, since the past 3 months," Sen said in her resignation letter.

By Rupa Burman Roy

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