India's Jammu and Kashmir Bank drops on reports of raid

Jammu And Kashmir Bank

30/11/2023 07:35

** Shares of India's Jammu and Kashmir Bank  JKBK.NS  down
as much as 2.72% at 107.20 rupees, posting steepest intraday
drop in over a month 
    ** Media reports say country's financial crime-fighting
agency has conducted raids in six locations in Srinagar in
connection to a money laundering case for more than 2.50 billion
rupees ($30.00 million) 
    ** Raids include premises of former chairperson, report adds
    ** JKBK and ED did not immediately respond to Reuters
requests for comment
    ** Stock last down 1.3%, trimming YTD gains to ~92%

($1 = 83.3440 Indian rupees)

 (Reporting by Hritam Mukherjee in Bengaluru)
 ((Hritam.Mukherjee@thomsonreuters.com;))