"The bank is also experiencing continuous withdrawal of deposits and low levels of liquidity. It has also experienced serious governance issues and practices in the recent years which have led to deterioration in its performance," the RBI added. In September 2019, the banking regulator had appointed a three-member committee to run LVB, after shareholders voted out seven of its directors. The bank was reportedly desperately looking for an investor over the last one year. It was denied permission to merge with Indiabulls Housing Finance in 2019 by the RBI. Discussion with Clix Capital also did not pull through. LVB, in its quarterly results released in February had said that its capital adequacy ratio stood at 3.46 per cent at the end of December and percentage of gross bad loans to total assets had inched up to 23.27 per cent, reported NDTV. From an all time high of Rs 187 per share in June 2017, the bank's shares dived to Rs 12.40 apiece on Wednesday, 18 November.