India's Bandhan Bank slides on surprise CEO retirement

Bandhan Bank

08/04/2024 07:28

** Shares of Bandhan Bank  BANH.NS  fall as much as 9.2% to
179.25 rupees in above-avg vol
    ** Lender's MD and CEO Chandra Shekhar Ghosh to retire on
July 9 after nearly a decade at the bank
    ** BANH last down 4.8%, top loser on Nifty bank index
 .NSEBANK 
    ** Jefferies says the news is a negative surprise given
CEO's recent 3-year reappointment and could be a risk from
strategy perspectives 
    ** Cuts stock to 'underperform' and PT by 14% to 170 rupees
    ** About 50.5 mln shares traded, nearly 4x the 30-day avg
and stock's busiest session since mid-Feb
    ** Avg rating of 25 analysts on BANH is "buy"; median PT is
255 rupees -LSEG data
    ** Stock down ~22% YTD

 (Reporting by Dimpal Gulwani in Bengaluru)
 ((dimpal.gulwani@thomsonreuters.com))