RBL Bank Shares Tumble 23%, here is why?

The share of RBL Bank Ltd tumbled nearly 22.67% to close at Rs 87.85 apiece on NSE today as BSE Sensex fell nearly 1456 points to close at 52,846 and NSE Nifty shed 427 points to close at 15,774 here on Monday. On the BSE, the share of RBL closed at 87. 90 with a loss of 22.45%.

The 52-week high and 52-week low of RBL Bank has been recorded at Rs 226 apiece and Rs 86 apiece, respectively. With today's huge correction of 23% the share is now just 2.11% away from its 52-week low.

According to reports, the decline in the shares of RBL has declined after the bank has recently appointed R Subramaniakumar as its new MD and CEO of the bank for the next three years. Earlier, R Subramaniakumar held the post of managing director and chief executive director of state-run Overseas Bank.

In one week, the stock of RBL has given a negative return of 19.26%, negative return of 20.75% in 1-month, negative return of 34.37% in 3 months, a negative return of 55.28% in 6 months, and a negative return of 59.75% in one year.

The market capitalization of RBL Bank is Rs 5,266 crore at the time of writing this report.