Bandhan Bank slips over 4% after RBI appoints additional director for the lender

Bandhan Bank Share Price: Bandhan Bank shares slipped by over four per cent on BSE on Tuesday (June 25, 2024) after the Reserve Bank of India (RBI) appointed an additional director for the lender. 

The Bandhan Bank stock that closed the previous session at Rs 207.75 on Monday slipped by 4.14 per cent to Tuesday's low of Rs 199.15.

The stock that began the session on Tuesday at Rs 200.75 closed trading lower by 2.05 per cent, or Rs 4.25, at Rs 203.50.

Bandhan Bank said in a statement on Monday that the RBI has "appointed Shri Arun Kumar Singh (DIN: 09498086), Chief General Manager (retired), Reserve Bank of India, as an Additional Director on the Board of Bandhan Bank Limited, for a period of one year from June 24, 2024 to June 23, 2025, or till further orders, whichever is earlier." 

Sources told Zee Business that there was no concern over the health of the bank and that the RBI had appointed a director to assist the board till the appointment of the next MD and CEO.  

Sources said that the tenure of Bandhan Bank's MD & CEO was ending, there was still time for the next appointment, hence the an additional director was appointed.