Bandhan Bank Shares Surge as RBI Approves New Leadership

Bandhan Bank's shares surged over 12% following the Reserve Bank of India's approval of Partha Pratim Sengupta as the new MD and CEO. His tenure begins by November 2024, succeeding Chandra Sekhar Ghosh. This transition occurs amid a positive audit report on government-backed loan claims.

Bandhan Bank saw its shares soar by more than 12% on Friday after the Reserve Bank of India approved Partha Pratim Sengupta's appointment as Managing Director and Chief Executive Officer for a three-year term.

On the BSE, the bank's stock closed at Rs 211, marking a 12.38% gain. Similarly, it climbed 11.58% on the NSE, closing at Rs 209.44. This stock movement came as 80.83 lakh shares were exchanged on the BSE and 12.98 crore shares on the NSE.

Despite these gains, the broader markets witnessed declines, with the BSE Sensex falling by 230.05 points and the NSE Nifty slipping by 34.20 points. Sengupta's appointment comes as Chandra Sekhar Ghosh steps down, with Ratan Kesh serving as interim chief. Additionally, Bandhan Bank announced a Rs 314 crore payout from a government-backed scheme audit related to Covid-19 loan guarantees.

(With inputs from agencies.)