Bandhan Bank Share Price
Bandhan Bank Share Price: Shares of private sector Bandhan Bank fell badly as soon as trading started in the stock market for the first time in the week. In just 5 minutes of trading, this banking stock fell by more than 8 percent. This trend of shares falling has been seen after a news, which said that Bandhan Bank CEO and founder Chandrashekhar Ghosh has sent his resignation to the board.
CEO will retire on 9th July
Bandhan Bank had said on Friday that its CEO-MD Chandra Shekhar Ghosh is retiring on 9th July 2024 and has sent his resignation to the bank board. After this, global rating agency Jefferies estimated that the bank’s share target price has been reduced by 40 percent. The effect of these news started showing on the shares of Bandhan Bank as soon as the stock market opened on Monday.
Falls more than 8% in a few minutes
With the start of trading in the stock market at 9.15 am, the share of Bandhan Bank opened at the level of Rs 185.10 and within just five minutes it slipped by 8.03 percent and started trading. In these 5 minutes, the price of banking shares fell by Rs 15.85, and its price came down to Rs 181.50. This decline increased further and the next minute the stock reached the level of Rs 179.25.
Jefferies also reduced the rating
The market capitalization (Bandhan Bank MCap) of private sector Bandhan Bank is Rs 30090 crore and its stock’s 52-week high level is Rs 272, and low level is Rs 173.15. Brokerage firm Jefferies has revised the rating of Bandhan Bank and downgraded it from Buy and put it in the underperform category. Jefferies has reduced the target price of the bank share by 40 percent from Rs 290 to Rs 170.
This banking stock is falling continuously
If we look at the performance of Bandhan Bank Share, it has been seeing a decline for a long time. In the last one month, this stock has fallen by about 3 percent, while in the last six months, this stock has given 24.12 percent negative return to its investors. The share price of Bandhan Bank has fallen by 11 per cent in one year, while in the last five years the share price has fallen by 65 per cent.
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