Shares of Lanco Infratech fell nearly 1 per cent on Bombay Stock Exchange (BSE) on reports that Yes Bank has decided not to renew its Rs 250 crore loan to the company and has invoked its powers to claim its right on the Rs 250 crore lying in the escrow account.
While claiming the information to be incorrect, a Lanco ompany spokesperson told ET, "The fact is that we have pre-closed the loan account with Yes Bank by sourcing a loan from another bank at a lower rate of interest. The escrow account is already under transfer to the other bank."
Reacting to the news, shares of the company dropped 0.79 per cent to Rs 5 a piece on BSE.
Shares of the company dipped 1.98 per cent to Rs 4.95 a piece on National Stock Exchange.
Meanwhile, the broader benchmark BSE Sensex was trading at 27,059.49, down 28.02 points, or 0.10 per cent at 11.30 hours.