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Shares of Lanco Infratech Ltd fell as much as 8.5 per cent to record low of Rs 2.15.
Lanco Infratech said the Reserve Bank of India had directed company's lead lender, IDBI Bank, to initiate bankruptcy proceedings against the firm.
Lanco is among 12 companies that the central bank has ordered lenders to take to bankruptcy court as it strives to cut India's $150 billion in soured debt, sources told Reuters on Friday.
As of Friday's close, the stock is down 50 per cent in 12 months.
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