BT Online Last Updated: June 20, 2017 | 15:04 IST
The Lanco Infratech stock continued its slide on Tuesday after it scaled fresh all time low of Rs 1.93 on yesterday.
At 1451 hours, the stock was trading almost 10 percent lower at Rs 1.70 level.
The stock has been in a free fall since the beginning of this week after Lanco Infratech last week said the Reserve Bank of India (RBI) directed its lead lender IDBI Bank to initiate insolvency proceedings for the company under the Insolvency and Bankruptcy Code (IBC).
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 newly enacted Insolvency and Bankruptcy Code, 2016.
"The amounts mentioned...shall be read as Rs 8,146 crore for fund based outstanding exposure and Rs 3,221 crore for non-fund based outstanding exposure as on March 31, 2016," Lanco Infratech said in a BSE filing.
Its lender IDBI Bank too hit a new 52-week low on Tuesday. The stock was trading at 55.85 level, down 2.10 percent on the BSE.
