Central Bank of India slips over 2% after RBI places restrictions on banking activities

NEW DELHI: Shares of Central Bank of India slipped over 2 per cent in early trade after the Reserve Bank of India (RBI) placed the lender under prompt corrective action which puts restricts on banking activities such as from lending, hiring and expanding branches.

The scrip was trading 2.02 per cent down at Rs 99.60 around 9.55 am (IST). Shares of the bank opened at Rs 101.90 and touched a high and low of Rs 101.90 and Rs 97.60, respectively, in trade so far. Benchmark BSE Sensex was up 20.29 points, or 0.07 per cent, at 31,176.20 at around the same time.

On the BSE, 16.43 lakh shares were traded on the counter so far as against the average daily volumes of 68,000 shares in the past two weeks.

The stock had hit a 52-week high of Rs 125 on May 22, 2017 and a 52-week low of Rs 76.35 on November 28, 2016.

Shares of Central Bank of India had underperformed the benchmark equity index over the past one month till June 14, 2017, falling over 11 per cent compared with the BSE Sensex 3.21 per cent increase.