Bandhan Bank shares reverse early gains, fall over 2 pc

Shares of Bandhan Bank on Wednesday reversed its early gains and closed over 2 per cent lower.

The stock traded in the green only during early market hours and then went on to fall for most of the trading session.

In a highly volatile trade on the BSE, the stock gained as much as 4.8 per cent to Rs 423.25 and after some time traded at its 52-week low of Rs 391.55. Finally, it settled 2.28 per cent lower at Rs 394.25.

Similarly, on the NSE, the stock jumped 4.72 per cent to Rs 423 and then lost 3.11 per cent to hit its 52-week low of Rs 391.30. The scrip settled at Rs 392.50, 2.82 per cent lower over the previous close.

More than 72 lakh shares of Bandhan Bank were traded on the NSE and 3.34 lakh on the BSE. The RBI on Tuesday allowed Bandhan Bank to expand its branch network after considering the efforts made by the private sector lender to comply with the licensing conditions.

The bank said the RBI has lifted the regulatory restriction on branch opening, subject to the condition that the bank ensures that at least 25 per cent of the total number of banking outlets opened during a financial year are opened in un-banked rural centres, it added.