Bandhan Bank Shares Dip By Over 2% Amidst Leadership Transition
The bank shares dipped 2.70 per cent or Rs 5.63, taking their overall value to Rs 202.31. This development also comes barely a few days after a report from financial services group Macquarie Group.
Bandhan Bank that recently made the news with the Reserve Bank's appointment of Arun Kumar Singh as an additional director, is back in the news again. The company shares listed on the National Stock Exchange (NSE) are trading in red.
Shares Dip By Over 2%
The decline in the value of their shares comes amidst the leadership transition that the bank is said to be undergoing.
The bank shares dipped 2.70 per cent or Rs 5.63, taking their overall value to Rs 202.31. This development also comes barely a few days after a report from financial services group Macquarie Group.
The financial services group had upgraded certain banking stocks, including Kotak Mahindra Bank, City Union Bank, and the aforementioned Bandhan Bank.
Upgrade to Outperform
The report expected these banks to outperform with raised target prices. This report also downgraded SBI.
When it comes to Bandhan Bank, the group's report changed its outlook from neutral to outperform. In its report, the group stated, "Post the poor performance on the asset quality front stock has underperformed (down 21% vs NIFTY up 25%)."
It further added and said, "We believe, current valuations at 1.1x FY26F P/BV justify the risk-reward. Upgrade to Outperform. Our target multiple remains unchanged at 1.4x FY26F P/BV".
SBI Shares Improve
It also has to be noted that Bandhan Bank's shares gained by 1.94 per cent or Rs 3.85, in the past 5 days.
If we look at other banks mentioned in the report, Kotak Bank's shares gained 0.14 per cent or Rs 2.40, taking the value to 1,774.95. Meanwhile, City Union Bank dipped by 0.15 per cent or 0.25 points, taking the overall value to Rs 162.01.
The State Bank of India shares have progressed better, as they have gained 0.43 per cent or Rs 3.60, taking the overall value to Rs 836.30 at the half way mark of the day's trade.
Nifty Bank gained 1.23 per cent or 637.30 points, jumping to 52,341.25 at 12:32 IST.
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