UOB Kay Hian analyst Jonathan Koh has maintained his “hold” call on DBS Bank with a lower target price of $29.20 from $29.30 after the latter found itself embroiled in lawsuits in India arising from the amalgamation of Lakshmi Vilas Bank (LVB).

Religare Finvest Limited (RFL) has filed a petition with the Delhi High Court to name DBS Bank India as the defendant instead of LVB due to the merger of the two banks.

RFL, one of the leading non-banking finance companies in India, has a pending case against LVB for misappropriating fixed deposits worth Rs750 crore ($136.9 million).

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