Jammu & Kashmir Bank falls as chairman quits
J&K Bank was witnessing intense selling pressure after Omar Abdullah asked Haseeb Drabu to put in his papers.
By ET Bureau |
MUMBAI: Shares of Jammu & Kashmir Bank were witnessing intense selling pressure after J&K beleaguered Chief Minister Omar Abdullah asked the state’s top notch economist, Haseeb Drabu, to put in his papers as chairman of the J&K Bank, the state’s only listed company.
At 11 am, the stock was at Rs 798.90, down Rs 50.95 or 6 per cent on the NSE. It touched a high of Rs 845 and low of Rs 793 in trade so far. Around 1.26 lakh shares were traded in the counter.
Mr Drabu’s reign as the chairman of the J&K bank witnessed credit flow to Kashmir jumping from Rs 1,200 crore in 2005 to Rs 12,000 crore in 2010. Profit surged from Rs 100 crore to Rs 512 crore and it was expected to reach Rs 1,000 crore by the next fiscal. It is one of the rare zero NPA banks in India besides being one of the top 100 companies.
At 11 am, the stock was at Rs 798.90, down Rs 50.95 or 6 per cent on the NSE. It touched a high of Rs 845 and low of Rs 793 in trade so far. Around 1.26 lakh shares were traded in the counter.
Mr Drabu’s reign as the chairman of the J&K bank witnessed credit flow to Kashmir jumping from Rs 1,200 crore in 2005 to Rs 12,000 crore in 2010. Profit surged from Rs 100 crore to Rs 512 crore and it was expected to reach Rs 1,000 crore by the next fiscal. It is one of the rare zero NPA banks in India besides being one of the top 100 companies.
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