|Bid||178.55 x 0|
|Ask||0.00 x 0|
|Day's range||178.00 - 186.50|
|52-week range||81.25 - 450.00|
|Beta (5Y monthly)||1.41|
|PE ratio (TTM)||4.52|
|Forward dividend & yield||24.00 (13.21%)|
|Ex-dividend date||13 Feb 2020|
|1y target est||1,191.33|
BENGALURU/MUMBAI (Reuters) - Indian lender Lakshmi Vilas Bank Ltd (LVB) said on Wednesday the central bank had not approved its merger with Indiabulls Housing Finance Ltd, making it the latest bank to face struggles in an already troubled sector. "RBI vide their letter dated October 09, 2019, informed the application for voluntary amalgamation of Indiabulls Housing Finance Limited and Indiabulls Commercial Credit Limited with The Lakshmi Vilas Bank Limited cannot be approved," LVB said in a statement to exchanges on Wednesday. The news could pressure the shares of LVB and Indiabulls, both of which have fallen to multi-year lows after being hit by allegations of misconduct.
Shares in major Indian banks took a beating on Tuesday, as fraud allegations against a top mortgage lender and a prominent bank sparked fresh worries about the health of India's financial sector. "There is a crisis of confidence and capitulation of sorts by existing shareholders in Indian lenders," said Umesh Mehta, head of research at Samco Securities in Mumbai. An Indian court last week ordered a probe into Indiabulls Housing Finance Ltd on allegations of illegalities, violations and siphoning of funds by its promoters and subsidiaries, according to reports.
Indian shares fell 1% on Tuesday, as investors fretted about the exposure of major banks to the troubled real estate sector, compounding worries about a slowdown in economic growth. Realty and banking stocks were the top losers, with the Nifty real estate index ending 4% lower while the Nifty private banks index shed 1.4%. Analysts said a deepening crisis at Punjab and Maharashtra Co-operative Bank (PMC), one of the country's top such lenders, and fraud allegations against mortgage lender Indiabulls Housing Finance Ltd were hurting market sentiment.