RBI directs bankruptcy proceedings for Lanco, shares dip 20%
Lanco Infratech has said that RBI directed its lead lender IDBI Bank to initiate insolvency proceedings for the company under the Insolvency and Bankruptcy Code. The company is among the 12 firms with 25% of the over â¹8 lakh crore bad loans in the banking system. Notably, shares of Lanco tanked 20% to a record low after the confirmation.