Bandhan Bank shares fall 9% as lender's CEO Ghosh to retire in July

Bandhan Bank share price: Shares of the private sector lender Bandhan Bank tumbled nearly 9 per cent at the opening as the company's MD and CEO Chandra Shekhar Ghosh will retire on July 9, 2024. The incumbent has been at the helm since July 10, 2015, and has been managing the lender's affairs for nearly nine years.

The company's board on Ghosh retirement said that it is his personal decision and it may meanwhile appoint an interim CEO. Furthermore, the company is steering its focus on the microfinance segment and is also aiming to lower its bank provisions going ahead.

At around 9:39 am, shares of the lender traded with a drag of 6.61 per cent or Rs 13.05 at Rs 184.35, while at day's low it marked a low of Rs 179.55 per share.

On the move, global brokerage Jefferies has downgraded the stock to now 'down perform' from the previous 'buy' rating and slashed the target to Rs170 per share as against Rs 290 earlier. The brokerage maintains that the recent development of Ghosh's retirement is surprising as a few days back, the lender's board approved renewal of his term at the bank