Mumbai: Indiabulls Housing Finance Ltd plunged, as the rebuff to its plan to merge with Lakshmi Vilas Bank Ltd put a dent in hopes that shadow lenders could use such combinations to get better access to liquidity.
The Reserve Bank of India rejected the merger plan, Chennai-based Lakshmi Vilas said in an exchange filing late Wednesday, without disclosing the reason for the central bank’s decision.
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