Shares of Jammu & Kashmir (J&K) Bank tanked 13% on the BSE on Monday after the Jammu and Kashmir government removed the bank Chairman Parvez Ahmad, and Anti-Corruption Bureau carried out a raid at the lender's corporate office in connection with alleged fraudulent appointments.
The bank has received approval from the Reserve Bank of India to the appointment of R. K. Chhibber as interim Chairman & Managing Director of the Bank for a period of three months w.e.f. June 10, 2019.
Jammu and Kashmir Bank Ltd is currently trading at Rs51, down by Rs8.45 or 14.21%, from its previous close of Rs59.45 on the BSE. The scrip opened at Rs48 and has touched a high and low of Rs52.75 and Rs47.60, respectively.
The BSE group 'A' stock of face value Rs1 has touched a 52 week high of Rs65.95 on 10-Apr-2019 and a 52 week low of Rs35.05 on 18-Dec-2018. Last one week high and low of the scrip stood at Rs61.75 and Rs58.05, respectively.
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