Indiabulls Housing, Lakshmi Vilas Bank tumble after RBI rejects their merger
Updated : October 10, 2019 03:48 PM IST
Shares of Indiabulls Housing and Lakhsmi Vilas Bank were under pressure on Thursday after the Reserve Bank of India (RBI) rejected their proposed merger.
Indiabulls Housing fell as much as 8.2 percent to Rs 220.45 per share on the BSE, while Lakshmi Vilas Bank hit its 5 percent lower circuit at Rs 25.65.
On May 7, Lakshmi Vilas Bank had sought voluntary amalgamation with Indiabulls Housing and Indiabulls Commercial Credit.
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