Bandhan Bank's Shares Surge 12% After RBI's Nod for New MD

Bandhan Bank's shares soared over 12% following the Reserve Bank of India's approval of Partha Pratim Sengupta as the new Managing Director and CEO. The appointment is set for three years. The stock rise occurred despite broader market declines, highlighting investor confidence in the leadership change.

Shares of Bandhan Bank jumped more than 12% after receiving the Reserve Bank of India's approval for Partha Pratim Sengupta's appointment as MD and CEO. The three-year tenure will commence no later than November 10, 2024.

On Friday, Bandhan Bank's stock closed at Rs 211 on the BSE, while it settled at Rs 209.44 on the NSE, despite overall market declines. The BSE Sensex and NSE Nifty closed lower by 0.28% and 0.14%, respectively.

This leadership change comes after the previous CEO, Chandra Sekhar Ghosh, stepped down in July. Simultaneously, an audit by the National Credit Guarantee Trustee Company confirmed the payout of Rs 314 crore from the government-backed loan guarantee scheme during the Covid-19 pandemic.

(With inputs from agencies.)