India's Bandhan Bank falls after regulator names board director

Bandhan Bank

25/06/2024 05:38

** Shares of Bandhan Bank  BANH.NS  fall as much as 4.4% to
198.80 rupees; last down 1.4%
    ** India's cenbank names Arun Kumar Singh, its chief general
manager, as additional director of Bandhan for one year from
June 24
    ** RBI, also the financial regulator, can appoint directors
to a bank's board to increase oversight of operations
    ** Macquarie says stock can react negatively in near term, 
but the move is good in longer term
    ** Brokerage believes move is to ensure proper functioning
at Bandhan since current MD, CEO will retire on July 9 and RBI
is yet to approve a replacement
    ** BANH top loser on Nifty Bank index  .NSEBANK , which is
up 0.6%
    ** BANH now down ~15% YTD; Nifty bank index up 7.5% YTD
    

 (Reporting by Kashish Tandon in Bengaluru)
 ((kashish.tandon@thomsonreuters.com))