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J&K Bank stocks end 12% lower on CMD's removal

IANS  |  Mumbai 

Shares of and settled 12 per cent lower after its and Managing Director was removed by the on Saturday on charges of nepotism and corruption.

The state (ACB) also carried out a raid at the bank's corporate office in for two days after the Ahmed's removal.

ACB officials said documentary evidence regarding the mismanagement, nepotism and corruption by the ousted were collected and investigation was on.

The bank's shares on the BSE closed at Rs 52.25, lower by Rs 7.20 or 12.11 per cent from it previous close. Earlier in the day, the shares slumped nearly 20 per cent to an intra-day low of Rs 47.60 per share.

On Monday, the said that it has received the Reserve Bank's approval to appoint R.K. Chhibber as the interim and Managing for a period of three months with immediate effect.

It also said that the board of directors in their meeting held on June 8, 2019, had recommended the splitting of the post of of the bank in compliance to the SEBI regulations and RBI guidelines.

--IANS

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, June 10 2019. 18:50 IST
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