RBL Bank plunges 22%, hits fresh low

RBL-Bank

Shares of RBL Bank plunged over 22 percent to touch a fresh low of Rs 255.60 on the BSE on October 1 and appears on course to extend its losing run into the third consecutive session.

The stock has been falling over concerns of its exposure to troubled Indiabulls Housing Finance.

Vishwavir Ahuja, its Managing Director and CEO, in an interview to CNBC-TV18 said the bank’s exposure to Indiabulls Group is between 0.25 percent to 0.5 percent of its total loan book.

“There seem to be some malicious speculation going on. All I want to say is that nothing has materially changed from three months back and the bank continues to be in good shape. We are growing and continue to remainprofitable,” Ahuja stated.

Shares of RBL Bank traded 13.86 percent down at Rs 283.20 on BSE around 1440 hours IST.

News Source:- Moneycontrol

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