DCB Bank rebounds 4%, to go for 'calibrated' expansion

Shares of DCB Bank today rose by over 4 per cent after the company said it will go slow with its branch expansion plan and open some 150 additional branches over the next 24 months instead of 12 months announced two days back.
The stock rose 3.74 per cent to settle at Rs 95.80 on BSE. During the day, it surged 7 per cent to Rs 98.90.
On NSE, it gained 4.12 per cent to settle at Rs 95.95.
During the last two days, shares of DCB Bank had tanked over 30 per cent on concerns over its aggressive branch expansion plans and fall in profit.

On October 13, the lender said it plans to double its branch network within 12 months. It announced plans to add 150 plus branches to its existing network of 160 branches.
The bank today tweaked its aggressive branch expansion plan after it received feedback on the same from investors, analysts and other stakeholders.
"In the view of feedback received, and in close consultation with our Chairman, the management team has decided to install 150 plus branches in a cautious, prudent and calibrated manner over 24 months (instead of 12 months)," the bank said in a filing to stock exchanges.
In the quarter ended September 30, the bank posted a 10 per cent fall in profit at Rs 36.93 crore as against Rs 41.09 crore last year.