Bandhan Bank Stock Down By 6% After CEO’s Resignation; Know Share Price Target
On the NSE, shares of the company ended at Rs 185.10 each, down 6.20 per cent. During the day, it tanked by 9.17 per cent to Rs 179.25.
Stock of Bandhan Bank on 8th April ended over 6 percent lower after the bank said its founder, managing director and CEO Chandra Shekhar Ghosh has decided to step down on the completion of his tenure.
The stock declined by 6.31 per cent and settled at Rs 184.95 apiece on the BSE. On 8th April, it dropped by 9 percent to Rs 179.55.
Bandhan Bank has been an underperformer this year on the Nifty Bank index with shares down nearly 20%. However, the stock is in the F&O ban today.
Bandhan Bank Share Price Target
Brokerage firm Jefferies has downgraded the rating of Bandhan Bank to “underperform” from its earlier recommendation of “buy” after its founder & CEO Chandra Shekhar Ghosh resigned with effect from July 9 this year.
The brokerage firm cut its Bandhan Bank share price target by 40% to ₹170 from ₹290 earlier, reported CNBC TV18.
Bandhan Bank Share Price On 8th April
On the NSE, shares of the company ended at Rs 185.10 each, down 6.20 per cent. During the day, it tanked by 9.17 per cent to Rs 179.25.
The company’s market valuation also went down by Rs 2,004.42 crore to Rs 29,794.89 crore. In volume terms, 55.90 lakh shares of the company were traded on the BSE and over 641.95 lakh shares on the NSE during the day.
Bandhan Bank CEO Chandra Shekhar Ghosh Resigns
Bandhan Bank CEO, Ghosh will retire from the services of the bank as MD and CEO upon completion of his current tenure on July 9, 2024, the bank said in a regulatory filing on Friday.
“After leading the bank for almost a decade, including three consecutive tenures (9 years) as MD & CEO, I feel that the time has now come for me to assume a larger strategic role at Bandhan group level,” Ghosh said in a letter addressed to the board.
As per RBI guidelines, the tenure of MD and CEO of private banks cannot be more than 15 years. Bandhan Bank was launched on August 23, 2015, with 501 branches and 50 ATMs across 24 states.
(With Inputs From PTI)
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice.)
