- Shares of RBL Bank fell over 20 per cent today
- fell over 20% to Rs 132.35
- RBI’s Yogesh Dayal appointed as additional director of the bank
- Bank MD and CEO Vishwavir Ahuja went on immediate leave
The stock of Mumbai’s RBL Bank, which is facing crisis, fell more than 20 percent today. During trading on BSE, it had fallen to Rs 132.35, down more than 20 percent. This is its 52-week low. At 10.30 am, it was trading at Rs 138.85, down 19.51 per cent.
The stock trades in the Futures & Options (F&O) segment with no circuit limits. On Monday, it also went down from its previous low. Earlier it had reached a low of Rs 155.65 on August 24, 2021. Its record low was Rs 101.60 which it touched on 22 April 2020.
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why the stock fell
Earlier, RBI had made two major changes in RBL Bank on Christmas Day. RBI’s Chief General Manager Yogesh Dayal has been made additional director on the board of the private bank while Vishwavir Ahuja, the long-time MD and CEO of the bank, has been sent on immediate leave. In his place, Executive Director Rajiv Ahuja has been made interim MD and CEO.
Analysts say that RBI’s action will increase uncertainty in the bank and will have a negative impact on the stock in the short to medium term. He says that the December 2021 quarter results will be crucial to restore investor confidence in the bank and its stock. However, Rajiv Ahuja, trying to allay the apprehensions about the bank’s financial position, said on Sunday that the bank’s profit in the December quarter would be higher than the September quarter.