Bandhan Bank jumps 2% after six days of losses

NEW DELHI: Shares of Bandhan Bank climbed 2 per cent on Thursday morning ahead of its December quarterly earnings.

The stock rose today after six straight sessions of losses.

Bandhan Bank announced acquisition of Gruh Finance in a share swap deal last Monday. The swap ratio is 568 shares in Bandhan Bank for every 1,000 held in Gruh Finance.


However, analysts and brokerages believe that Bandhan Bank has made an expensive deal in acquiring Gruh Finance.

Phillip Capital said the acquisition is expensive for Bandhan Bank and does not fully resolve promoter stake dilution concern.

Shares of Gruh Finance also climbed 2 per cent after four consecutive sessions of losses.

Around 10:05 am, shares of Bandhan Bank were 1.58 per cent up at Rs 461.55 while those of Gruh Finance rose 1.79 per cent to Rs 238.50.