June 28, 2018 / 6:01 AM / 5 months ago

BUZZ-India's Lakshmi Vilas Bank hits 3-week low; SEBI questions firm - report

** Shares of Lakshmi Vilas Bank Ltd drop as much as 5.9 pct to 104.1 rupees, their lowest since June 6

** Stock posts biggest intraday pct loss since June 6

** Country's market regulator, The Securities and Exchange Board of India (SEBI), has asked the private lender why it did not disclose a dispute with Religare Finvest, a unit of Religare Enterprises Ltd, in its regulatory filing for rights share issue launched in January, according to a report here from Economic Times

** The bank claimed adjustment of a fixed deposit of about 8 bln rupees ($116.08 mln) deposited by Religare Finvest in 2016 and early 2017, towards a loan default made by companies belonging to Religare promoters, the report adds

** The company’s representative did not immediately comment

** Stock down 25 pct this year, as of Wednesday’s close ($1 = 68.9200 Indian rupees)

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