J&K Bank hits 10-year low after reports of raid at former chairman’s residence

Srinagar: Jammu & Kashmir Bank shares fell 10 percent intraday on June 19 after a media report indicated that former chairman residence has been raided by Anti-corruption Bureau (ACB) on Wednesday.

According to a report published on money control, 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.

The government on June 8 had removed Parvez Ahmad and appointed its executive president RK Chibber as an interim chairman.

Ahmed was removed by the state government on alleged charges of corruption, nepotism and favoritism. He was appointed as chairman and CEO of J&K Bank in October 2016 and his tenure was to end in a few months.

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