Foreign portfolio investors (FPIs), alternative investment funds, financial institutions/banks and insurance companies have reduced their stake in the bank post its listing
CSB Bank had made a strong debut at the bourses, soaring 54 per cent over its issue price of Rs 195 at Rs 300.
The stock declined 3% on Wednesday, following a 16% dip in the past one week. In comparison, the benchmark S&P BSE Sensex slipped 1 per cent during the week.
Our positioning as a competition to the NBFCs and not the bigger banks impressed investors, says Rajendran
The bank's Rs 410-crore initial public offering (IPO) was subscribed a whopping 86.89 times last month.
CSB Bank's total market value has soared to Rs 5,205 crore, compared to Rs 3,382 crore at the IPO price
Rajendran's current tenure was slated to end on December 9, 2019