India's Jammu and Kashmir Bank falls on 162.61 billion rupee tax demand, penalty

Jammu And Kashmir Bank

05/02/2025 06:58

** Shares of Jammu and Kashmir Bank  JKBK.NS  fall as much
as 4% before trimming losses to trade 1.7% lower at 101.6 rupees
    ** Lender gets tax demand and penalty of total 162.61
billion rupees ($1.86 billion), which is nearly 1.5x its market
cap
    ** Shares were up 2.3% before the news
    ** Bank says the demand order will have no material impact
on its financials and operations 
    ** Stock set to snap four straight sessions of gains
    ** More than 11.6 mln shares traded, 3.1x its 30-day moving
avg
    ** JKBK fell 18% in 2024


($1 = 87.2075 Indian rupees)

 (Reporting by Anuran Sadhu in Bengaluru)
 ((Anuran.Sadhu@thomsonreuters.com; +91 8697274436;))