BOB Declines, RBL Bank Tumbles 10% Intra-day

Bank of Baroda shares in trade on December 30, 2021 are down even as reports hint at likely or probable inclusion of the stock in Nifty Bank. The stock last traded down by over 1 percent at Rs. 80.15 per share.

Meanwhile, RBL Bank which is facing leadership issues at the lender has tumbled by 10 percent intra-day.

BOB Declines, RBL Bank Tumbles 10% Intra-day

Several brokerages have downgraded the stocks as the leadership issues at the firm seemed to come as a surprise. The bank to its defence put up that the developments in no way are representative of the fundamentals. Further it said that the business momentum as well as financial performance of the lender has been improving since the second quarter of the fiscal year.

The RBL Bank outlook seems skeptical and in case of the exclusion from the Nifty Bank index the bank shall see heavy outflow.

In its filing today the Bank informed regarding the approval of the Board of Directors of the Bank for the appointment of Mr. Rajeev Ahuja (DIN 00003545) as interim Managing Director & CEO of the Bank subject to regulatory and other approvals. In this regard we wish to inform you that Reserve Bank of India (RBI) vide its letter no DOR. GOV. No. S 3219/08.49. 001/ 2021-22 dated December 29, 2021, has approved the appointment of Mr. Rajeev Ahuja as Interim Managing Director & CEO of the Bank for a period of three months with effect from December 25, 2021 or till the appointment of a regular MD & CEO, whichever is earlier.

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