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1-min read

Lakshmi Vilas Bank Shares Slump as Directors Face Various Fraud Charges

The directors face charges of cheating, breach of trust, misappropriation and conspiracy, the bank said, adding that it was considering taking 'appropriate legal measures.'

Reuters

Updated:September 27, 2019, 11:15 AM IST
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Lakshmi Vilas Bank Shares Slump as Directors Face Various Fraud Charges
Representative image (Reuters)

Bengaluru: Shares of Lakshmi Vilas Bank dropped nearly 5% on Friday, after the country's Economic Offences Wing (EOW) filed a report against directors of the Indian private-sector lender alleging various counts of fraud.

The directors face charges of cheating, breach of trust, misappropriation and conspiracy, the Chennai-based bank said in a statement filed to the stock exchanges on Thursday, adding that it was considering taking "appropriate legal measures."

The EOW's report was based on a complaint filed by Religare Finvest Ltd.

Earlier this year, Lakshmi Vilas said it will merge operations with housing finance firm Indiabulls Housing Finance Ltd (IBHF) in a share-swap deal. The proposed merger is now under regulatory scrutiny, according to local media.

IBHF shares were trading 3% weaker on Friday.

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