J&K Bank hits 10-year low after reports of raid at former chairman’s residence
The stock touched a day’s low of Rs 33.50, the lowest price since May 2009. At 1238 hours IST, it was quoting at Rs 34.40, down Rs 2.80, or 7.53 percent on the BSE.
CNBC-TV18 reported that J&K Bank’s former Chairman Parvez Ahmad’s residence has been raided by the Anti-corruption Bureau.
Ahmed was removed by the state government on alleged charges of corruption, nepotism and favouritism. He was appointed as chairman and CEO of J&K Bank in October 2016 and his tenure was to end in a few months.
The bank in a regulatory filing had said the state government is taking a host of steps including splitting the post of chairman and managing director to improve transparency, governance, compliance and profitability of the lender.