Bandhan Bank hits lower circuit amid promoter stake sale talk

Bandhan Bank share fell sharply Monday hitting the lower circuit as investor sentiment turned cautious following news report that the bank's promoter Bandhan Financial Services is weighing options to give existing investors an exit route.

The intensified West Asia crisis could have also weighed on the stock sentiment even as the BSE Sensex rose 1.26% Monday, people aware said.

The bank's shares closed the day 7.5% lower at Rs 162.50 as compared with the previous close of 175.60. It fell a tad over 12% intra-day to Rs 154.15 in the afternoon.


ET on Friday reported Bandhan promoter is exploring a stake sale or an initial public offer to give long term investors like International Finance Corporation and Singapore's GIC Ventures as option to offload shares.

Bandhan Bank shares had recovered from its 52-week low of Rs 134.30 hit on December 9 last year after it showed sequential improvement in quarterly earnings and asset quality. The shares gained to its one-month high of Rs 186.10 on February 26.