India's Jammu and Kashmir Bank plunges after top boss' exit

Jammu And Kashmir Bank

10/06/2019 06:48

** Shares of Jammu and Kashmir Bank Ltd  JKBK.NS  slump by
20% daily limit, the biggest intra-day percentage drop in over 5
years
    ** Lender on Saturday said Parvez Ahmed ceased to be
chairman & chief executive officer  urn:newsml:reuters.com:*:nFWN23E0KG
    ** The bank receives an approval https://www.nseindia.com/corporate/J_KBANK_10062019093641_Appointment_of_Chairman_027.pdf
 from India's central bank to appoint R.K. Chhibber as interim
chairman and managing director
    ** Media reports https://timesofindia.indiatimes.com/india/sacking-of-jk-bank-head-opens-up-a-can-of-worms/articleshow/69718155.cms
 say Ahmed was sacked following allegations of offences
including nepotism and corruption
    ** J&K anti-corruption bureau is probing the allegations,
reports say
    ** J&K Bank and Ahmed were not immediately available for a
comment
    ** Stock touches lowest level since March 18 at to 47.55
rupees
    ** Over 5.9 mln shares change hands vs 30-day average of
about 1.1 mln shares

 (Reporting By Arnab Paul in Bengaluru)
 ((arnab.paul@thomsonreuters.com; +91 8067493881; Reuters
Messaging: arnab.paul.thomsonreuters.com@reuters.net))