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Lakshmi Vilas Bank scrip went lower by 4.96 per cent to its lower circuit level as well as one-year low of Rs 22.05 on the BSE.
Shares of Syndicate Bank also fell 2.24 per cent to Rs 24 — its 52-week low.
The Reserve Bank has imposed a monetary penalty of Rs 1 crore on Lakshmi Vilas Bank and Rs 75 lakh on Syndicate Bank for violating asset classification and fraud detection norms.
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In a similarly worded release, it said a monetary penalty of Rs 75 lakh has been imposed on Syndicate Bank for non-compliance with the directions issued by RBI on frauds classification and reporting; innovative housing loan products wherein upfront disbursal of loans is done.