Dhanlaxmi Bank jumps 5 after clarification

8220;It the bank is no more a regional player. We are a pan-India player. There is no concern over profitability,8221; Dhanlaxmi Bank Managing Director Amitabh Chaturvedi said.

Reacting to the development,shares of the lender which closed with losses of nearly 10 per cent yesterday recovered by as much as 4.88 per cent on the Bombay Stock Exchange and 4.48 per cent on the National Stock Exchange to touch a high of Rs 67.60 and Rs 67.50,respectively. The stock was heavily battered and touched a 52-week low of Rs 54.25,the biggest one-day fall since May,2009,after AIBOC raised several questions about the lender8217;s financial health yesterday.

At 1249 hours,the scrip was trading at Rs 66.60 on the BSE,up 3.34 per cent,and at Rs 66.55 on the NSE,up 3.02 per cent.

Yesterday,the bank8217;s Chief Financial Officer Bipin Kabra had said,8221;The allegations are baseless and we do not know from where they have pulled out these numbers. None of these numbers match with our internal numbers.8221; The confederation yesterday demanded a comprehensive inquiry into the functioning of the management of the Kerala-based lender,which it alleged was marked by 8220;extravagance and ineptitude8221;.

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