Bandhan Bank Shares Bounce Back by 1% Following Previous Session's Lows
After experiencing a dip in the previous session, Bandhan Bank shares showed resilience, bouncing back by over 1% on Thursday, April 18. Currently trading at 175.90, the shares saw an intraday high of 176.40 and a low of 174.60.
The downward trajectory in Bandhan Bank shares can be traced back to the announcement made by the bank's MD and CEO, Chandra Shekhar Ghosh, regarding his retirement upon the completion of his current tenure on July 9, 2024. The uncertainty surrounding the succession plan has led to fluctuations in the stock prices.
Despite Ghosh's reassurance following his surprising decision on April 5, stating, "Our experience in the earlier selections...we need a minimum three months of time for selection of candidates," investors remain cautious.
Bandhan Bank shares had previously reached a 52-week high of 272.00, with an all-time high of 741.80.
In a recent development, global brokerage firm Jefferies downgraded Bandhan Bank to 'Underperform,' citing trimmed growth outlook and credit cost estimates for FY25-26. The firm also reduced the bank's earnings per share (EPS) estimates by 10-14%.
As investors navigate through these developments, the future trajectory of Bandhan Bank shares remains uncertain, awaiting clarity on the leadership transition and its impact on the bank's performance.