RBL Bank hits 52-week low, shares down by 8.32%

So far this week the company’s shares have fallen by over 28 per cent.

The shares of private sector lender RBL Bank fell by 8.32 per cent today on the intra-day session. The Mumbai headquartered company’s shares fell by 8.32 per cent in Thursday’s intra-day trade. As of 11:30 am IST, RBL Bank’s stock was down by 12.10 points on Rs 132.30 per piece on BSE as compared to 11.95 points on Rs 132.35 per piece on BSE.

According to media reports, a 300-crore loan was initially sanctioned and then written off by the bank within seven months has emerged and could be a reason for the Reserve Bank for its immediate intervention in the affairs of the private lender RBL Bank.

Advertisement

Within a week, the company’s shares crashed on the stock market by 20 per cent after the Reserve Bank of India sent its CEO and MD Vishwavir Ahuja on leave and appointed Yogesh K. Dayal as its additional director.

The central bank appointed an additional director to manage the company affairs is itself a negative sign for most investors, as such action was taken only when the bank has been in trouble. This has caused more trouble for the retail investors which is why the bank’s shares have been crashed since then.