J&K Bank shares tumble 20 pc; hit lower circuit on removal of Chairman
New Delhi: Shares of J&K Bank plummeted nearly 20 per cent Monday following the removal of its Chairman Parvez Ahmad on Saturday.
The scrip tumbled 19.93 per cent to Rs 47.60 -- its lower circuit limit -- on the BSE.
At NSE, shares plunged 19.94 per cent to hit a lower circuit of Rs 47.55.
On the volume front, 10 lakh shares were traded on the BSE and over 63 lakh shares exchanged hands on the NSE in early trade.
In a surprise move, the Jammu and Kashmir government Saturday removed J&K Bank Chairman Parvez Ahmad, and Anti-Corruption Bureau carried out a raid at the lender's corporate office in connection with alleged fraudulent appointments.