This is an archive article published on April 18, 2024
Bandhan Bank shares advance 1% after hitting lows in previous session
The shares have witnessed a downward trajectory since bank's MD and CEO Chandra Shekhar Ghosh announced his retirement from the top post upon completion of his current tenure on July 9, 2024.
Shares of Bandhan Bank advanced over 1 per cent on Thursday (April 18) after hitting lower circuit in the previous session. Bandhan Bank shares are trading 2.05 points, or 1.18 per cent higher at 175.90. During the intraday session, the bank’s shares hit high at 176.40 while the lowest range was hit at 174.60.
The shares have witnessed a downward trajectory since bank’s MD and CEO Chandra Shekhar Ghosh announced his retirement from the top post upon completion of his current tenure on July 9, 2024. The suspense on who will lead the company has caused volatility in shares since then.
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The dip in share price came despite CEO Ghosh’s request of “not to worry” after his surprise decision on April 5.
“Whatever, our experience in the earlier selections, when we selected two executive directors on the basis of that experience we need a minimum three months of time for selection of candidates and then it will go to RBI and then whatever is the time taken by RBI for approval,” Ghosh said.
The shares has recorded 52-week high at 272.00 with all time high recorded at 741.80.
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Earlier, global brokerage firm Jefferies has downgraded Bandhan Bank to ‘Underperform’ with a price target of Rs 170 after it trimmed growth outlook and credit cost estimates for FY25-26. The brokerage has further reduced bank’s earnings per share (EPS) estimates by 10-14 per cent.
Bandhan bank's CEO Chandra Shekhar Ghosh. (File) 
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